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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
27 minutes ago
- Yahoo
RNC Chair Michael Whatley will run for Senate from North Carolina, sources tell CNN
Republican National Committee Chairman Michael Whatley is expected to run for the Senate in North Carolina, setting up a marquee race in next year's midterms, two sources familiar with Whatley's plans tell CNN. He will enter the race with President Donald Trump's backing, after Trump's daughter-in-law, Lara Trump, opted against running for the seat being vacated by retiring Republican Sen. Thom Tillis. A North Carolina Republican consultant who has worked to set up Whatley's campaign told CNN on Thursday that a formal announcement is expected to come 'in the next week to 10 days.' Politico first reported Whatley's plans. The president preemptively threw his support behind Whatley in a post on Truth Social Thursday night where he also endorsed RNC treasurer Joe Gruters to succeed him as the committee's leader. 'Mike would make an unbelievable Senator from North Carolina,' Trump wrote. 'He is fantastic at everything he does, and he was certainly great at the RNC where, in the Presidential Election, we won every Swing State, the Popular Vote, and the Electoral College by a landslide! But I have a mission for my friends in North Carolina, and that is to get Michael Whatley to run for the U.S. Senate.' The RNC chairman's entry sets the stage for what's likely to be one of the best-funded, highest-profile Senate races on the 2026 midterm calendar. Former Gov. Roy Cooper, a popular Democrat who was term-limited after eight years and left office at the end of 2024, also plans to announce a Senate run in the coming days, sources told CNN. Lara Trump plans to remain in her in role as host of a weekly Fox News show and will also appear alongside Whatley at upcoming political events, a source said. 'I am deeply grateful for the encouragement and support I have received from the people of my home state whom I love so much,' she said in a post on X. 'While I am not running in this election, my passion for Making America Great Again burns brightly, and I look forward to the future, wherever that leads.' The clash in North Carolina comes as Democrats, who need to flip four Senate seats to claim the majority, look for opportunities to make races for Republican-held seats competitive on an unforgiving map in which North Carolina could be the only true toss-up. Democrats' Senate hopes of flipping GOP-held seats elsewhere could hinge on retirement and recruiting questions. In Maine, five-term Sen. Susan Collins has beaten back stiff Democratic challenges in the past. In Texas, Sen. John Cornyn faces a primary challenge from state Attorney General Ken Paxton, a scandal-plagued conservative firebrand who Democrats view as a much weaker general election candidate. In Iowa, Sen. Joni Ernst has not yet announced her reelection plans, though Republicans have several strong potential replacements if she opts out. In Ohio, Democrats hope former Sen. Sherrod Brown, who narrowly lost his seat in 2024, will attempt a comeback — this time challenging Republican Sen. Jon Husted. Democrats must also defend Senate seats in several swing states, including Georgia, where Sen. Jon Ossoff is seeking reelection and open seats in Michigan and New Hampshire. Whatley previously spent five years as chairman of the North Carolina Republican Party and the RNC's general counsel. He took the helm of the national party in 2024 after Trump's tensions with former RNC chairwoman Ronna McDaniel. Gruters, who Trump on Thursday said 'will have my Complete and Total Endorsement' to succeed Whatley as chairman, was floated as a possibility for the leadership post in 2024 as well. 'I'm looking forward to advancing President Trump's America First agenda as the next Chair of the RNC,' Gruters said in a statement to CNN. 'He is the greatest President in our nation's history, and I'm ready to serve, fight, and win for our party and our country.' The Florida state senator is a longtime friend and ally of Trump, bucking the party line in the Sunshine State by backing Trump over Gov. Ron DeSantis in the 2024 Republican presidential primary. Their relationship predates Trump's time in office to when he was a celebrity developer still weighing a political future. In 2012, on the eve of the Republican National Convention in Tampa, Gruters convinced Trump to headline a fundraiser for the nearby Sarasota GOP. Gruters, who was chairman of the local party at the time, named Trump the Statesman of the Year. Trump had endorsed Gruters in his bid to become Florida's chief financial officer, a cabinet-level position that is elected statewide. It's unclear if Gruters will drop out of the race. DeSantis recently passed over Gruters and spurned Trump when he filled a vacancy at state CFO with state Sen. Blaise Ingoglia. This story has been updated with additional information. CNN's Donald Judd and Steve Contorno contributed to this report.
Yahoo
27 minutes ago
- Yahoo
Peabody Energy (BTU) Surged by Over 16% This Week. Here is Why.
The share price of Peabody Energy Corporation (NYSE:BTU) surged by 16.53% between July 15 and July 22, 2025, putting it among the Energy Stocks that Gained the Most This Week. A coal miner in a thick protective suit and helmet drilling for coal under bright lights. Peabody Energy Corporation (NYSE:BTU) is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Peabody Energy Corporation (NYSE:BTU) was among the coal stocks that gained this week after the Chinese government warned that it may shutter coal mines guilty of producing above permitted levels, as part of a crackdown on overmining. According to a report by Bloomberg, China's National Energy Administration is carrying out monthlong inspections in eight provinces and regions, including the biggest coal hubs, as part of a crackdown on overmining that it says has distorted the market. The American coal sector also received a boost last month following the passage of President Trump's 'Big, Beautiful Bill, ' which mandates at least 4 million additional acres of federal land be made available for mining. Moreover, the legislation allows producers of metallurgical coal, like Peabody Energy Corporation (NYSE:BTU), to claim an advanced manufacturing production tax credit available for critical minerals. While we acknowledge the potential of BTU as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Nuclear Energy Stocks to Buy Right Now and The 5 Energy Stocks Billionaires are Quietly Piling Into. Disclosure: None. Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
US regulators greenlight contentious $8 bn Skydance-Paramount merger
US regulators on Thursday approved an $8 billion deal for Skydance to acquire Paramount Global amid tumult in the latter's news and late night programming on CBS, a leading American broadcaster. Clearance of the acquisition comes after Paramount settled US President Donald Trump's lawsuit over election coverage on CBS News' flagship show "60 Minutes," and a week after CBS canceled "The Late Show with Stephen Colbert." The comedian had blasted the $16 million settlement of Trump's lawsuit as "a big fat bribe" to win approval of the merger with Skydance. Colbert's show is slated to end in 2026, and is staple of late-night US television that often mocks Trump. CBS said in a statement the cancellation was "purely a financial decision against a challenging backdrop in late night," and was "not related in any way to the show's performance, content or other matters happening at Paramount." Paramount reached the settlement with Trump this month in a lawsuit the entertainment giant itself had described as meritless. The Republican president had sued Paramount for $20 billion last year, alleging that CBS News' "60 Minutes" news program deceptively edited an interview with his 2024 election rival, Kamala Harris, in her favor. To promote the show, "60 Minutes" had shown a shortened clip or "tease" of Harris speaking on earlier network programming, and the full quote was aired on the Sunday evening broadcast. Trump objected to the use of the shorter clip. The FCC chair doubled down on the Trump administration's criticisms of CBS News. 'Americans no longer trust the legacy national news media to report fully, accurately and fairly,' Carr said in the statement. 'It is time for a change. That is why I welcome Skydance's commitment to make significant changes at the once storied CBS broadcast network.' - Suspicious timing? - The FCC's approval of the merger "reeks of the worst form of corruption," Democratic Senators Edward Markey and Ben Ray Lujan said in a joint statement. "The timing speaks for itself," Markey and Lujan said. "Paramount settled with Trump on Tuesday and the FCC approved the merger on Thursday." Markey last week sent a letter to Paramount Global Chair Shari Redstone demanding details about the decision to cancel "The Late Show with Stephen Colbert," specifically whether anyone in the Trump administration asked for the show to be cancelled, according to a copy posted at his official website. Colbert said on Thursday the cancellation was not just the end of his show but the end of the decades-old "Late Show" franchise, which has been broadcast continuously on CBS since 1993 and was previously hosted by David Letterman. Trump celebrated the cancellation, writing on his Truth Social platform, "I absolutely love that Colbert got fired. His talent was even less than his ratings." Trump's political opponents and other critics drew attention to the timing of the decision. "CBS canceled Colbert's show just THREE DAYS after Colbert called out CBS parent company Paramount for its $16M settlement with Trump -- a deal that looks like bribery," Democratic Senator Elizabeth Warren said on social media platform X. Colbert, once a regular on Comedy Central, made use of humor in his incisive political commentary and succeeded Letterman as the host of "The Late Show" in 2015. The late-night television landscape has long been dominated by satirical comedy shows that blend entertainment with news and political commentary. As a condition of approval, Skydance will put in place an "ombudsman" who will evaluate complaints of bias, according to Carr. "Skydance, which has no DEI (diversity, equity and inclusion) programs in place today, has committed that it will not establish any such initiatives at the new company," Carr said in a release. gc/sla
