New York Times Co. ( NYT - Get Report) got hit Friday after Goldman Sachs warned that the company is likely to miss out on any newspaper industry restructuring rally.

The firm also cut its ratings on Wall Street Journal publisher Dow Jones , though shares of Dow Jones weren't hit so hard. Goldman cut both stocks to underperform from in-line. Early Friday, New York Times fell 2% and Dow Jones dropped fractionally.

Goldman cited the so-called dual-stock structure that gives insiders control of the companies despite minority economic stakes. Meanwhile, publishing analyst Peter Appert upgraded Tribune to in-line from underperform, citing the prospect of a big shakeup in Chicago.

"The Chandler family's opposition to Tribune's planned Dutch tender raises the possibility that he company might be forced to undertake some form of more dramatic restructuring to increase shareholder value," writes Goldman's Appert.

Appert suggests that the relative lack of drama at the Times and Dow Jones could keep a lid on their already underperforming shares.

"While we believe both companies have attractive franchise properties and management teams that are aggressively addressing industry challenges," he writes, "in the context of our relative ratings system, these stocks rank at the lower end of our valuation matrix."

Goldman isn't the first observer to question the effects of the family control over New York Times.

In April, 5% holder Morgan Stanley Investment Management fired a shot across the company's bow, saying management has become unaccountable to shareholders. Morgan Stanley called for the elimination of the dual-stock structure at the company. The controlling Sulzberger family says it looks after the long-term interests of the company and won't fall prey to short-term profit seekers.

For his part, Appert notes that family incumbency at the Times and Dow Jones "serves as an effective buffer to shareholder pressure for restructuring action. Accordingly, we would not expect DJ or NYT to benefit from upside in the group driven by the expectation of further industry restructuring."

Earlier this spring, big publisher Knight Ridder agreed under shareholder pressure to sell itself to rival McClatchy ( MNI - Get Report).

On Friday, New York Times fell 55 cents to $23.49, while Dow Jones dropped 7 cents to $33.81 and Tribune added 49 cents to $32.07.