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Los Angeles Times
an hour ago
- Los Angeles Times
L.A. Times owner intends to take newspaper public in coming year
The owner of the Los Angeles Times said Monday he would 'take the paper public' in the next year. In an interview on 'The Daily Show With Jon Stewart,' Dr. Patrick Soon-Shiong said the move would allow The Times 'to be democratized and allow the public to have ownership of this paper.' He did not provide specifics about how the deal would work or whether it would involve an initial public offer to sell shares of the company or some other type of 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' in important, Soon-Shiong told Stewart. 'We think over the next year we will. I'm working through [that] with an organization that's putting that together right now,' he added. Soon-Shiong built his fortune through pioneering pharmaceutical and biotech ventures, including cancer treatments. In 2018, he purchased the L.A. Times, the San Diego Union-Tribune and several community newspapers in a $500-million deal. The sale returned The Times to local control after a turbulent 18 years of ownership by Chicago-based Tronc. In 2023, he sold the San Diego Union-Tribune to MediaNews Group.
Business Insider
2 hours ago
- Business Insider
Nvidia's (NVDA) China Comeback Hits Supply and Political Snags
Nvidia's (NVDA) long-awaited return to the Chinese market is off to a rocky start. The chipmaker is reportedly facing supply chain issues as it tries to restart H20 AI chip sales. Meanwhile, John Moolenaar, a Republican representative, also raised concerns about Nvidia resuming sales of H20 chips to China. These issues could hurt Nvidia's comeback in the region, which remains an important source of revenue for the company. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Nvidia Faces Supply Issues Last week, Nvidia confirmed it will soon resume H20 chip shipments to Chinese buyers after receiving export license approval from the Trump administration. However, fears of a policy reversal have sparked a surge in demand. In response to a surge in orders from Chinese tech giants like ByteDance and Alibaba (BABA), Nvidia has reportedly told customers that H20 chip supplies are limited and it doesn't plan to restart production soon. The company is now working to manage customer expectations amid ongoing constraints. Additionally, sources say that Nvidia canceled its chip production plans with Taiwan Semiconductor (TSM) after the April ban. Since then, TSMC has reassigned those lines to other clients, and with its factories now full, switching back quickly isn't possible. Moreover, CEO Jensen Huang said in Beijing that producing new chips from scratch could take at least nine months, so Nvidia will rely on existing stock until it runs out. And the Political Pushback Apart from production woes, Nvidia's China comeback is also facing political pressure. In a letter to Commerce Secretary Howard Lutnick, Moolenaar warned that selling H20 chips to China could boost its tech power and weaken U.S. efforts to limit advanced chip access for national security. He wrote, 'The Commerce Department made the right choice by banning the H20.' He believes that the U.S. shouldn't allow its chips to power China's military AI, control its people, or threaten American innovation. What Is the 12-month Price Target for Nvidia? According to TipRanks, NVDA stock has a Strong Buy consensus rating based on 34 Buys, three Holds, and one Sell assigned in the last three months. At $182.49, the Nvidia average stock price target implies a 6% upside potential.
Axios
2 hours ago
- Axios
Los Angeles Times owner plans to take paper public
Los Angeles Times owner Patrick Soon-Shiong said he wants to take the newspaper public in a Monday appearance on "The Daily Show." Why it matters: The announcement comes after years of newsroom turmoil as the biotech billionaire tries to reshape the legacy paper. What they're saying: "Whether you're right, left, Democratic, 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, so I'm going to announce something with you tonight," Soon-Shiong told host Jon Stewart. "We're going to take the LA Times public and allow it to be democratized and allow the public to be the ownership of this paper," he said. Soon-Shiong said the timeline was over the next year and that he was working with an organization to put the deal together. Between the lines: Soon-Shiong's remarks came after Stewart gave an impassioned speech about the media needing to stand up to President Trump in the wake of CBS' decision to cancel " The Late Show with Stephen Colbert." Before Soon-Shiong's announcement, Stewart had asked about the owner's ethical leadership given he could be incentivized to appease the Food and Drug Administration and the wider Trump administration in order to get approval on his biomedical work. Soon-Shiong responded to the initial question that he would go to competitors like the New York Times or The Wall Street Journal for his stories about his work. Asked if the LA Times offends the administration, Soon-Shiong said, "It may and it probably does." Flashback: Soon-Shiong bought The LA Times and the San Diego Union-Tribune in 2018 for $500 million. He sold the latter to MediaNews Group in 2023. The owner has repeatedly faced backlash from his staff for his decisions. He blocked the paper's planned presidential endorsement for Kamala Harris, prompting its editorial editor to resign and a reported 20,000 subscription cancellations. In a December interview with the LA Times, Soon-Shiong said he planned to be more involved in the opinion section and add more moderate and conservative commentators. He also introduced an AI -powered "bias meter" to label ideological leanings. The LA Times cut 115 newsroom employees, more than 20% of its newsroom, early last year. The company laid off more than a dozen staffers in May.
