South African-born billionaire moves to float one of America's largest news brands
South Africa's Patrick Soon-Shiong plans to take The Los Angeles Times public within the next year.
The move would make the publication one of few publicly-traded major news organizations.
The IPO represents an effort to reshape legacy media strategies in the digital era.
If the initial public offering proceeds, The Los Angeles Times would join the ranks of major publicly traded news organizations such as its former parent, Tribune Publishing Co., and The New York Times Co., according to Business Tech.
The move would offer investors a rare opportunity to own a stake in one of California's oldest and most influential media institutions, situated in the wealthiest state in the U.S.
' We'll allow it to be democratized and allow the public to have ownership of this paper, ' Soon-Shiong said during an appearance on The Daily Show.
Soon-Shiong mentioned that he is collaborating with an organization currently developing the plan, adding that the new structure would be rolled out over the coming year. However, he did not provide further details.
Acquisition
The billionaire surgeon, biotech entrepreneur, and media investor acquired the Los Angeles Times in 2018 through his investment firm, Nant Capital, in a deal valued at $500 million.
Since then, he has worked to stabilize the newsroom following a turbulent period under previous ownership, which had been marred by editorial conflicts and staff dissatisfaction.
Soon-Shiong's announcement signals a new chapter for the publication, which has seen major digital and structural reforms under his stewardship.
If the IPO proceeds, the outlet would join The New York Times Co. and the former Tribune Publishing Co. on public markets, potentially reshaping investor interest in legacy media brands navigating the digital age.
Political affiliation
The South African-born billionaire has not hidden his affiliation with U.S. President Donald Trump, a relationship that became increasingly evident during the election campaigns.
Last year, he reportedly urged the newspaper's editorial board to 'take a break' from covering Trump and blocked the board from endorsing Kamala Harris for president.
The decision sparked internal turmoil, leading to multiple resignations from the editorial board and a wave of subscription cancellations from readers who viewed the move as editorial interference.
Soon-Shiong later defended his actions, stating that he feared an endorsement would deepen political divisions in an already polarized country.
He added that his long-term vision was to steer the publication toward becoming a more 'fair and balanced' news outlet.
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