New York Times employees and journalists participate in a 24-hour contract walkout, the first such strike in more than 40 years, December 8, 2022, in New York City.

The business side of The New York Times has a lot to crow about. Consider the following and forgive me for throwing all these numbers at you, dear reader.

• After having an operating profit of $176 million in 2020, the Times estimates that its operating profit will jump to around $325 million this year, a very impressive 84 percent increase.

• Digital subscriptions have soared to eight million (not including The Athletic), five times as many as the 1.6 million in 2016.

• The Times has increased its dividend per share by 33 percent from two years ago and more than doubled its dividend from four years ago.

• In February, the Times announced a $150 million stock buyback plan for this year, a move designed to please investors by boosting the company’s stock price.

Beyond that, total compensation for the Times’ publisher, A.G. Sulzberger, jumped by 49 percent last year, to $3.6 million, while compensation for the company’s CEO, Meredith Kopit Levien, climbed by 31.6 percent to $5.75 million, a nearly $1.4 million increase over 2020.

As Larry David would say, that’s pretty, pretty good.

But at the same time, Times management has told the 1,100-plus unionized journalists in its newsroom—the journalists who make the Times the world’s greatest newspaper—that it won’t give them raises that come close to keeping up with...

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