Pinch Sulzberger inherited his father's position but not his savvy
Under his direction, the New York Times took a turn for the worse
with both stock price and circulation dropping
Pinch decided to cut local coverage in response to the financial crisis
Australian media tycoon Rupert Murdoch sensed an opportunity
Not content with buying the Wall Street Journal, the world's premier business paper
Murdoch wanted the WSJ to put out a New York metro edition, taking the NYT head on
Before Murdoch's takeover, the WSJ concentrated on business and finance
But now the WSJ needed food, entertainment and gossip reporters to cater to New Yorkers
The WSJ's advantage in the battle with the NYT is Murdoch's deep pockets
Although the NYT also has a patron in Mexican investor Carlos Slim
they still lag far behind in terms of cash
The NYT's real advantage is their reputation for journalistic excellence
The two sides are competing on every front, 
poaching staff and sparking and advertising rate war
While the two newspapers duke it out, the media environment is rapidly changing
More and more New Yorkers are turning to the internet for news rather than the newspapers
