Billionaire Owner of Los Angeles Times Plans Exciting Public Debut in the Coming Year

LOS ANGELES (AP) — Dr. Patrick Soon-Shiong, who owns the Los Angeles Times, announced plans to take the newspaper public within the next year. During an interview on “The Daily Show With Jon Stewart,” he emphasized that this move is about giving the community a chance to own a stake in the paper.

While Soon-Shiong is collaborating with an organization for this transition, he hasn’t shared details about whether it will involve selling shares or another investment model. He believes the Times should reflect diverse American voices—regardless of political affiliation—making this democratization vital.

Since acquiring the Times in a $500 million deal, Soon-Shiong aimed to revitalize the paper after years of challenges. The Times had faced significant cutbacks and declining subscriptions, resulting in major staff layoffs. Just last year, the company let go of over 115 employees, marking one of the largest reductions in its history.

Recent figures indicate that like many newspapers, the Times is struggling financially, having missed digital subscription targets needed for robust operations. In January 2024, executive editor Kevin Merida left after navigating a tumultuous period, which included the pandemic and the paper winning multiple Pulitzer Prizes.

Notably, soon after Merida’s departure, the editorials editor resigned in protest over Soon-Shiong’s decision to prevent the board from endorsing Democratic Vice President Kamala Harris for president. Mariel Garza expressed concern that the Times remains silent on critical issues in a time of great need.

This scenario brings to mind a broader trend: the ongoing struggle for local newspapers to remain relevant. According to recent surveys, about 20% of the public rarely or never trusts the news they read. This has led to growing calls for transparency and accountability in journalism, especially as public opinion increasingly values local over national news. Experts suggest that for local papers to survive, they need to engage their communities actively and adapt to digital spaces while retaining journalistic integrity.

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Patrick Soon-Shiong, Media and entertainment industry, General news, Finance Business, California, CA State Wire, U.S. news, Kevin Merida, FinancialBusiness, Mariel Garza, Business, Kamala Harris