Los Angeles Times to go public, owner Soon-Shiong says
"We're literally going to take LA Times public and allow it to be democratized and allow the public to have ownership of this paper," Soon-Shiong said on "The Daily Show" in a taped interview with the host, Jon Stewart.
The billionaire owner of the newspaper said the model would resemble the public ownership structure of the NFL's Green Bay Packers and that a partner organization was working on the structure.
The move follows months of turmoil at the Los Angeles Times.
Last January, the paper laid off at least 115 staff, or more than 20% of its newsroom, amid continued financial losses and leadership exits, including Executive Editor Kevin Merida and Managing Editor Sara Yasin. At the time, Soon-Shiong said he paper was losing $30 million to $40 million annually.
The papers editorial's editor also resigned last year after Soon-Shiong reportedly blocked a planned endorsement of then-Vice President Kamala Harris, triggering subscriber backlash.
Soon-Shiong, who is also the founder of ImmunityBio, bought the LA Times along with other newspapers in 2018 for $500 million from Tronc.
LA Times did not immediately respond to a Reuters request for comment on additional details.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
a minute ago
- Yahoo
EU to submit countermeasures on US goods to avert looming tariffs
BRUSSELS (Reuters) -The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members, while its trade chief will hold talks with U.S. Commerce Secretary Howard Lutnick. The Commission said on Wednesday its primary focus was to achieve a negotiated outcome with the United States to avert 30% U.S. tariffs that U.S. President Donald Trump has said he will impose on the 27-nation bloc on August 1. European Trade Commissioner Maros Sefcovic will speak with Lutnick on Wednesday afternoon, the Commission said, before Commission officials brief EU ambassadors on the state of play. The Commission said it would in parallel press on with potential countermeasures. It said it would merge its two sets of possible tariffs of 21 billion euros and 72 billion euros into a single list. It added it would submit this to EU members for approval. No countermeasures would enter force until August 7. So far the EU has not imposed any countermeasures, agreeing to, but then immediately suspending, the first set in April. The Commission may be buoyed by the initial deal struck between the United States and Japan. European shares climbed more than 1% on Wednesday, led by automobile stocks, after Trump revived hopes for a trade deal with the EU following the U.S. agreement with Japan, which includes a 15% baseline rate. EU diplomats were reluctant to provide early comments, instead saying they were picking through details of the U.S.-Japan deal, such as that Japan would buy more rice from the United States, but would keep existing tariffs on agricultural products. Simon Evenett, professor of geopolitics and strategy at IMD Business School, said the 15% rate was lower than what Trump had recently threatened Japan with and it was notable that it appeared to apply to Japanese cars. "Whatever the Japanese got will become the minimum for the EU negotiating objectives," he said. ($1 = 0.8524 euros) Sign in to access your portfolio
Yahoo
a minute ago
- Yahoo
Tampa woman turns to Ramsey Show hosts after her brother refused to repay a car loan she took out to help him
Four years ago, Carmen from Tampa, FL, did her brother a solid by letting him move into her home when he was low on cash. She didn't charge him rent and she even took out a car loan for him — in her name. Fast forward to now, and their fortunes are reversed. Carmen needs the money, but her brother doesn't want to repay the car loan. During an episode of The Ramsey Show, Carmen said her brother has 'fully recovered' from his financial woes. He works on commission, has stocks, CDs and retirement savings, and 'is living a good life,' she said. Yet, when it comes to the car loan, he told his sister he wasn't going to 'take that upon my credit.' As Carmen pondered whether she should pay off the remaining loan herself — which is around $11,000 — co-host Ken Coleman told her: 'You know what you're supposed to do.' Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it What happened? Carmen's husband made a career switch that she says will eventually pay off, but in the meantime, they're bringing in less money. And to get a mortgage, they were told by their lender that they need to get rid of the car loan debt first. Carmen didn't just co-sign the loan; she put it under her name. So her brother is making monthly payments to Carmen on a car that's not in his name and that 'he's never going to own,' said co-host Jade Warshaw. If he's not willing to pay back the full amount of the loan, then Carmen has every right to repossess the vehicle. 'That is not mean, Carmen. That is not a bad sister,' said Warshaw. 'That is just you doing something that is very normal and fair by saying, 'if I'm paying for a car that's in my name, I'm going to be the one owning it and driving it.'' If her brother wants to keep making monthly payments, 'then he needs to go rent a car,' said Warshaw. Carmen said a private seller would pay $19,000 for the vehicle. 'I would go get that car from your brother today and sell it instantaneously,' said Coleman. At that point, her brother can decide whether he wants to buy the car from her, in which case he can pay back his sister for the full amount of the loan and she can transfer the title over to him. If he's not interested in buying it, she can find another buyer and pay back the loan from the proceeds. Still, Carmen is hesitant because she doesn't want to cause a rift in the family. 'It already has,' said Warshaw. 'The damage you're worried about being done has already been done.' Warshaw said she wants Carmen to be respected. 'It's a disrespectful transaction and if you let it continue, he's not just disrespecting you — you're disrespecting yourself at that point.' Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. Should you loan a family member money? While you may want to help out a family member in need, a 'friends and family' loan should still be treated as any other loan. Otherwise, you could consider the money a gift (particularly if you don't think you'll ever see that money again). About one-third of U.S. adults have provided financial support to friends or family, according to the Consumer Financial Protection Bureau (CFPB). It could make sense in some circumstances — for example, parents may loan their adult child some money when they're just starting out in their career or don't yet have a credit history to qualify for a loan. Whatever the case, if you're thinking about lending money to a friend or family member, first consider your own financial situation — for example, it's probably not a good idea to drain your own emergency fund to pay for a family member's emergency. And, if you do have some extra cash, how much of it can you afford to part with and for how long? If you do lend money to a friend or family member, put it in writing (you can find several options for templates online by searching under loan agreements). This contract should outline the terms of the loan, such as when you expect it to be repaid (either in a lump sum or a series of payments over a specified period of time). You should also specify whether you'll be charging interest on the loan (perhaps the rate you'd be getting if that money was sitting in your high-interest savings account) and what the consequences will be if they can't pay you back. For example, in Carmen's case, if she had made her brother sign a contract before getting a car loan, she could have specified that she'd take back possession of the vehicle if he didn't pay back the loan in full by a certain period of time. Another option is co-signing a loan, but only do so if you trust this person — not because you're feeling pressured by your family to do so. A co-signer is a person 'who agrees to be legally responsible for someone else's debt,' according to Equifax, one of the three major credit reporting agencies in the U.S., along with Experian and TransUnion. This provides a safety net to lenders, but it also means the co-signer is legally responsible for that debt if the borrower is unable to pay it back. Plus, if you're the co-signer, that debt will show up on your credit report and could influence your credit score and/or debt-to-income ratio. If the borrower fails to make payments, that will harm your credit rating — and it will likely put a strain on your relationship. If you're already in that situation, like Carmen, there's no easy way out. 'We didn't say this was going to be fun but… it's already not fun,' said Coleman, 'so let's go ahead and rip the band-aid off and take possession of the car.' What to read next Robert Kiyosaki warns of 'massive unemployment' in the US due to the 'biggest change' in history — and says this 1 group of 'smart' Americans will get hit extra hard. Are you one of them? How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
Yahoo
a minute ago
- Yahoo
Earnings Preview: What to Expect From Parker-Hannifin's Report
Cleveland, Ohio-based Parker-Hannifin Corporation (PH) manufactures and sells motion and control technologies and systems. Valued at $90.9 billion by market cap, PH is a leading diversified industrial manufacturer that offers motion-control and fluid systems and industrial components, flight control, hydraulic, fluid conveyance, thermal management, pneumatic, and lubrication systems, and components for aerospace markets. The industrial giant is expected to announce its fiscal fourth-quarter earnings for 2025 before the market opens on Thursday, Aug. 7. Ahead of the event, analysts expect PH to report a profit of $7.08 per share on a diluted basis, up 4.6% from $6.77 per share in the year-ago quarter. The company has consistently surpassed Wall Street's EPS estimates in its last four quarterly reports. More News from Barchart Nvidia Stock Warning: This NVDA Challenger Just Scored a Major Customer This High-Yield Dividend Stock (8.3%) Has Analysts Saying 'Strong Buy' — Should You? Should You Buy the Post-Earnings Dip in Lockheed Martin Stock? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. For the full year, analysts expect PH to report EPS of $26.74, representing a 5.1% increase from $25.44 in fiscal 2024. Its EPS is expected to rise 8.1% year over year to $28.90 in fiscal 2026. PH stock has outperformed the S&P 500 Index's ($SPX) 13.4% gains over the past 52 weeks, with shares up 30.6% during this period. Similarly, it outperformed the Industrial Select Sector SPDR Fund's (XLI) 19.7% rise over the same time frame. Parker-Hannifin's strong performance is driven by its leadership in the motion and control industry, its exposure to longer cycles, and growth trends. Strategic acquisitions, such as Clarcor and Meggitt, enhance its product offerings and capabilities, leading to increased revenue and profitability. On May 1, PH shares closed up marginally after reporting its Q3 results. Its adjusted EPS of $6.94 surpassed Wall Street expectations of $6.73. The company's revenue was $4.96 billion, falling short of Wall Street forecasts of $5 billion. PH expects full-year adjusted EPS in the range of $26.60 to $26.80. Analysts' consensus opinion on PH stock is bullish, with an overall 'Strong Buy' rating. Out of 20 analysts covering the stock, 15 advise a 'Strong Buy' rating, one suggests a 'Moderate Buy,' and four give a 'Hold.' PH's average analyst price target is $752.33, indicating a potential upside of 4.3% from the current levels. On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
