Los Angeles Times plans IPO, billionaire owner 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, on Monday.
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 effort would be led by a new diversified media company called the L.A. Times Next Network, aimed at "rebuilding trust in media" by combining verified information, technology, and community participation, the newspaper said in a statement on Tuesday.
"The Network consists of five coordinated pillars: the Los Angeles Times; LAT Next, a curated creator platform; Nant Games, focused on esports and civic/scientific gaming; NantStudios Virtual Production, oKering real-time virtual production capabilities; and L.A. Times Studios, supporting streaming, live events, and forums," the statement added.
The initiative will pursue a novel Regulation A+ financing structure led by investment bank Digital Offering, which the company said would allow readers and supporters to become shareholders.
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 the paper was losing $30 million to $40 million annually.
The paper's editorials 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. (Reporting by Surbhi Misra in Bengaluru; Editing by Lincoln Feast and Jacqueline Wong)
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