Two hedge funds are trying to shake up the Times, and while the paper of record is offering up only the most perfunctory coverage of the situation, Rupert Murdoch's Wall Street Journal is tearing hungrily into a juicy story. The Journal shows how Scott Galloway, left, may be able to leverage his 4.9 percent of low-voting stock into four of 13 board seats and eventually split the Sulzbergers. It's a longshot scenario, but Galloway has a strong partner, Harbinger Capital, which wisely exploited the subprime mortgage fiasco, and is playing against a company trading at 15-year lows and whose shareholders mostly withheld votes from the board last year. If the Times wants to make the case for independent, family-run newspapers, it needs to step up its game, not only on the business side but at the business desk.