Good evening, I’m Dylan Byers. Welcome back to In The Room, my biweekly private email on the inner workings of the media industry. In tonight’s issue: The New York Times is the most revered, influential and successful journalistic institution in the world. So why are so many of its journalists so damn restless?

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The Times is the paper of record. But, in recent years, it has also become a very big and very successful business, transforming itself, under A.G. Sulzberger and its generationally talented C.E.O. Meredith Kopit Levien. Building on the turnaround effort spearheaded by...