LA Times to go public in the coming year

Dr. Patrick Soon-Shiong aims to democratize the ownership of the LA Times.

Billionaire plans to take the LA Times public in next year

Dr. Patrick Soon-Shiong, the billionaire owner of the Los Angeles Times since 2018, announced plans to take the newspaper public within the next year. In a recent interview on "The Daily Show With Jon Stewart," he emphasized that this initiative would democratize the paper, giving the public a chance to own it. Soon-Shiong, who paid $500 million to acquire the Times, is collaborating with an unnamed organization to facilitate this process. However, details about whether this will involve an initial public offering or other investment structures remain unclear. The LA Times continues to face challenges such as declining subscriptions and financial losses, illustrated by significant layoffs over the past year within its staff.

The potential public offering of the LA Times raises questions about the future of local journalism at a time when many newspapers struggle to maintain their relevance. Soon-Shiong's pledge to democratize the paper's ownership may attract more community engagement, but skepticism persists due to the industry's ongoing financial crisis. His past investment has not fully reversed the trends of job cuts and subscriber losses, which cast doubt on whether public ownership will truly benefit readers and restore trust in the media.

Highlights

The move could reshape the relationship between the community and the media.