L.A. Times Owner Says He Will Take Newspaper Public in Next Year
Dr. Soon-Shiong, a former surgeon who built his fortune by developing cancer drugs, bought the Los Angeles Times in 2018 for $500 million from Tronc, a media company that was, at the time, listed on the New York Stock Exchange.
Since taking over the newspaper, Dr. Soon-Shiong has struggled to make it profitable, and a history of deep losses would cloud its appeal to investors. AdWeek reported that the L.A. Times lost $50 million in 2024 as paid subscriptions fell to just over 300,000. The newspaper laid off more than 20 percent of its newsroom staff last year.
A public offering would happen 'over the next year,' Dr. Soon-Shiong said on 'The Daily Show' in a taped interview with the host, Jon Stewart. He did not share any details or address whether this would dilute his control over the newspaper. The 2018 purchase was carried out by Nant Capital, his private investment arm.
That acquisition placed the newspaper under local ownership for the first time in nearly two decades, but his public comments in the past year and his decisions about editorial direction have stirred unrest in the newsroom.
Last year, the head of the editorial board resigned after Dr. Soon-Shiong prevented the newspaper from endorsing Vice President Kamala Harris for president.
Dr. Soon-Shiong said on The Daily Show on Monday that taking the company public would 'democratize' it and would allow the public to 'take ownership,' though he did not detail how that would work.
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WALTHAM, Mass., July 28, 2025 /PRNewswire/ -- Veralto (NYSE: VLTO) (the "Company"), a global leader in essential water and product quality solutions dedicated to Safeguarding the World's Most Vital Resources™ announced results for the second quarter ended July 4, 2025. Key Second Quarter 2025 Results Sales increased 6.4% year-over-year to $1,371 million, with non-GAAP core sales growth of 4.8% Operating profit margin was 22.8% and non-GAAP adjusted operating profit margin was 23.7% Net earnings were $222 million, or $0.89 per diluted common share Non-GAAP, adjusted net earnings were $232 million, or $0.93 per diluted common share Operating cash flow was $339 million and non-GAAP free cash flow was $323 million "We delivered a strong second quarter led by outstanding commercial execution and steady, broad-based customer demand. 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A replay of the webcast will be available in the same section of Veralto's website shortly after the conclusion of the call and will remain available until the next quarterly earnings call. The conference call can be accessed by dialing +1 (800) 343-4136 (U.S.) or +1 (203) 518-9843 (INTL) (Conference ID: VLTO2Q25). A replay of the conference call will be available shortly after the conclusion of the call and until August 7, 2025. You can access the replay dial-in information on the "Investors" section of Veralto's website under the subheading "News & Events." ABOUT VERALTO With annual sales of over $5 billion, Veralto is a global leader in essential technology solutions with a proven track record of solving some of the most complex challenges we face as a society. Our industry-leading companies with globally recognized brands help billions of people around the world access clean water, safe food and trusted essential goods. Headquartered in Waltham, Massachusetts, our global team of nearly 17,000 associates is committed to making an enduring positive impact on our world and united by a powerful purpose: Safeguarding the World's Most Vital Resources™. NON-GAAP MEASURES AND SUPPLEMENTAL MATERIALS In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, as applicable, and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached. In addition, this earnings release, the slide presentation accompanying the related earnings call, non-GAAP reconciliations and a note containing details of historical and anticipated, future financial performance have been posted to the "Investors" section of Veralto's website ( under the subheading "Quarterly Earnings." FORWARD-LOOKING STATEMENTS Certain statements in this release, including statements regarding the Company's third quarter and full year 2025 financial performance and guidance, the Company's differentiation and positioning to continue delivering sustainable, long-term shareholder value and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. 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With respect to core sales related measures, (1) we exclude the impact of currency translation because it is not under management's control, is subject to volatility and can obscure underlying business trends, and (2) we exclude the effect of acquisitions and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult. With respect to the FCF Measure, we exclude payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company's capital expenditure requirements. View original content to download multimedia: SOURCE Veralto
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