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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