{"id":84230,"date":"2025-07-22T21:43:26","date_gmt":"2025-07-22T21:43:26","guid":{"rendered":"https:\/\/www.europesays.com\/us\/84230\/"},"modified":"2025-07-22T21:43:26","modified_gmt":"2025-07-22T21:43:26","slug":"los-angeles-times-owner-says-he-will-take-the-newspaper-public","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/84230\/","title":{"rendered":"Los Angeles Times owner says he will take the newspaper public"},"content":{"rendered":"

LOS ANGELES (AP) \u2014 Dr. Patrick Soon-Shiong, the billionaire owner of the Los Angeles Times<\/a> since 2018, said this week that he intends to take the newspaper public in the coming year.<\/p>\n

During an interview on Monday\u2019s \u201cThe Daily Show With Jon Stewart,\u201d Soon-Shiong said the move would allow the Times \u201cto be democratized and allow the public to have ownership of this paper.\u201d<\/p>\n

Soon-Shiong said he\u2019s working with \u201can organization that\u2019s putting that together right now.\u201d He didn\u2019t identify the organization or say whether the deal would involve an initial public offer to sell shares of the company or another investment arrangement.<\/p>\n

\u201cWhether you\u2019re right, left, Democrat, Republican, you\u2019re an American. So the opportunity for us to provide a paper that is the voices of the people, truly the voices of the people, is important,\u201d he said.<\/p>\n

Soon-Shiong, a biotech billionaire, acquired the Times as part of a $500 million deal,<\/a> returning it to local ownership two decades after the Chandler family sold it to Tribune Co. Soon-Shiong\u2019s purchase raised hopes after years of cutbacks, circulation declines and leadership changes.<\/p>\n

But like much of the media industry, the Times has continued to face financial difficulties, losing money and subscribers. Last year the company said it would lay off at least 115 employees<\/a> \u2014 more than 20% of the newsroom \u2014 in one of the largest staff cuts in the newspaper\u2019s history.<\/p>\n

At the time, the news organization said it had fallen well short<\/a> of its digital subscriber goals and needed a revenue boost to sustain the newsroom and its digital operations.<\/p>\n

In January 2024, executive editor Kevin Merida<\/a> suddenly stepped down after a 2 1\/2-year tenure at the newspaper that spanned the coronavirus pandemic and three Pulitzer Prizes, as well as a period of layoffs and contentious contract negotiations. <\/p>\n

Then in October, the editorials editor resigned<\/a> after Soon-Shiong blocked the editorial board\u2019s plans to endorse Democratic Vice President Kamala Harris<\/a> for president. Mariel Garza told the Columbia Journalism Review<\/a> in an interview that she quit because the Times was remaining silent on the contest in \u201cdangerous times.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"LOS ANGELES (AP) \u2014 Dr. Patrick Soon-Shiong, the billionaire owner of the Los Angeles Times since 2018, said…\n","protected":false},"author":3,"featured_media":84231,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[64,2059,276,57,27593,57120,57121,57119,57118,61,67,132,68],"class_list":{"0":"post-84230","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-ca-state-wire","10":"tag-california","11":"tag-general-news","12":"tag-kamala-harris","13":"tag-kevin-merida","14":"tag-mariel-garza","15":"tag-media-and-entertainment-industry","16":"tag-patrick-soon-shiong","17":"tag-u-s-news","18":"tag-united-states","19":"tag-unitedstates","20":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114899073679458108","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/84230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=84230"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/84230\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/84231"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=84230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=84230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=84230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}