Billionaire owner of the Los Angeles Times says he will take the newspaper public in the coming year
During an interview on Monday's 'The Daily Show With Jon Stewart,' Soon-Shiong said the move would allow the Times 'to be democratized and allow the public to have ownership of this paper.'
Soon-Shiong said he's working with 'an organization that's putting that together right now.' He didn't identify the organization or say whether the deal would involve an initial public offer to sell shares of the company or another investment arrangement.
'Whether you're right, left, Democrat, Republican, you're 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,' he said.
Soon-Shiong, a biotech billionaire, acquired the Times as part of a $500 million deal, returning it to local ownership two decades after the Chandler family sold it to Tribune Co. Soon-Shiong's purchase raised hopes after years of cutbacks, circulation declines and leadership changes.
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 — more than 20% of the newsroom — in one of the largest staff cuts in the newspaper's history.
Also in 2024, executive editor Kevin Merida 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.
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Head & Shoulders Classic Clean 2 in 1 Shampoo (£2.49) Bottle holds: 268ml Actually contains: 250ml Difference: 18ml Percentage full: 93 per cent There isn't a huge difference between the amount this Head & Shoulders bottle could hold (268ml) and the amount of product that's actually inside (250ml). The spout is quite wide, with a flat cap so it's easy to get almost every bit of shampoo out. Aussie Miracle Moist Conditioner XL (£5.89) Bottle holds: 580ml Actually contains: 470ml Difference: 110ml Percentage full: 81 per cent Promising to turn 'parched locks to fabulously refreshed' ones, this bottle is deceptive because it's nowhere near full. Our experiment shows that there is enough room for 110ml more conditioner in here. As the product is thick, it's tricky to get it all out so customers will get even less value for money. Palmolive Naturals Coconut Milk Shower Cream (£1.62) Bottle holds: 542ml Actually contains: 500ml Difference: 42ml Percentage full: 92 per cent This super-sized bottle of shower cream looks ideal for a family, but there's less product inside than you would expect. My experiment showed you could fit another 42ml of liquid in there if it was full - enough for 8-10 more showers. Baylis and Harding Goodness Natural Body Wash (£4) Bottle holds: 542ml Actually contains: 500ml Difference: 42ml Percentage full: 92 per cent While lots of body wash products come in clear containers, this one is in an opaque black bottle. At 500ml, it's one of the bigger sizes around and certainly one I'd buy to last the family several weeks. But it's not as full as it appears, there's space for another 42ml. Lynx Africa Body, Face and Hair Wash (£1.49) Bottle holds: 230ml Actually contains: 225ml Difference: 5ml Percentage full: 98 per cent In its distinctive black container, with an opaque red and green label, this body, face and hair wash contains 225ml of product. When full to the top, the bottle - which is squat and wide, with a narrow bit in the middle - could squeeze just 5ml more inside. Bulldog Original Shave Gel (£3.75) Tube holds: 190ml Actually contains: 175ml Difference: 15ml Percentage full: 92 per cent This clear shave gel comes in a squeezy tube, which is white so you can't see how much is inside. There's just 15ml difference between the amount of liquid that could fit inside the tube and what's in there when I buy it - not too bad. Vaseline Healthy Hands and Stronger Nails Hand Cream (£2.85) Bottle holds: 209ml Actually contains: 200ml Difference: 9ml Percentage full: 96 per cent This little bottle of hand cream doesn't have much surplus space inside; you could squeeze just 9ml more inside. It might seem more expensive per millilitre than a big bottle but you're getting more for your money and less empty space.
