LA Times owner Patrick Soon-Shiong announces newspaper going public

Billionaire Los Angeles Times owner Dr. Patrick Soon-Shiong announced on Monday that he plans to make the newspaper public within the next year, with the aim of democratizing the paper.

Soon-Shiong, who acquired the newspaper for $500 million in 2018, emphasized that the move is about giving the public a stake in the paper and a say on its board.

He mentioned that the process of taking the newspaper public is currently being organized by an external organization.

Soon-Shiong stressed the importance of truth and trust in today’s society, highlighting the need for transparency and integrity in journalism.

Aside from his ownership of the LA Times, Soon-Shiong is also known for his work as a surgeon, medical researcher, and biotech entrepreneur focusing on cancer treatment.

The decision to take the LA Times public comes as the newspaper faces financial challenges, including significant losses and staff layoffs in recent years.

Soon-Shiong’s leadership has stirred controversy, particularly regarding his efforts to balance the paper’s editorial content and address concerns about bias.

He has also made headlines for his interactions with political figures, including his decision to retract an endorsement of Kamala Harris in the 2024 election.

Despite facing criticism and challenges, Soon-Shiong remains committed to his vision of creating a more inclusive and accountable media landscape.

For additional comments or inquiries, contact the LA Times directly.