From what I've seen of the design and know of the CMS I would say this can be done without minimal changes on the backend (though you never know - simple things can have complex repercussions....
The big change is that the embedded Video is traditionally off to the left-side of the page. In this redesign the question is how to determine where within the text they're spread out.
Compare the design to the original article to see what I mean.
http://graphics8.nytimes.com/marketing/prototypeSignUp/media...
http://www.nytimes.com/2012/12/09/magazine/hollywoods-year-o...
The big question in my mind is where the ads will go?