Hedge funds or the company -- who really won the NYT deal?

Fortune examines The New York Times recent deal with hedge funds Harbinger Capital Partners and Firebrand Partners.
The hedge funds claimed a 20 percent state in the Times and were pushing to elect four directors to the company's board. And on Monday, the Times agreed to support two of the nominees at its annual meeting next month.
But did the hedge funds really win the battle?
From the story:

The hedge funds have declared victory. But perhaps they are being a little hasty. The truth is, Arthur Sulzberger Jr., the company's chairman, may have been the true winner for avoiding a bitter proxy war that might have raised questions about his leadership and damaged the Times...
Now Sulzberger is wisely casting himself as a conciliator. Instead of ignoring the hedge funds, he agreed to enlarge the company's 13-member board to make room for two of the candidates proposed by the hedge funds: Scott Galloway and James Kohlberg, co-founder of private equity firm Kohlberg & Company.
In doing so, the Times chairman may have may have effectively neutralized the dissidents - at least, for a while. The hedge funds can't complain that he is ignoring them, but they don't have enough votes to sway the board either.

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