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. FILE - Dr. Patrick Soon-Shiong arrives in the lobby of Trump Tower in New York, Jan. 10, 2017. (AP Photo/Evan Vucci, file)
'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.
Winnipeg Free Press | Newsletter
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
Toronto Star
17 minutes ago
- Toronto Star
LeBlanc ‘encouraged' after meeting with Lutnick, lawmakers ahead of tariff deadline
WASHINGTON - Canada-U.S. Trade Minister Dominic LeBlanc says he's feeling 'encouraged' after meeting with Commerce Secretary Howard Lutnick and American lawmakers in Washington, D.C., ahead of next week's tariff deadline. U.S. President Donald Trump threatened to slap Canada with 35 per cent tariffs if there's not a deal by Aug. 1 but the White House has said it would not include goods compliant with the Canada-U.S.-Mexico Agreement on trade.
Winnipeg Free Press
17 minutes ago
- Winnipeg Free Press
LeBlanc ‘encouraged' after meeting with Lutnick, lawmakers ahead of tariff deadline
WASHINGTON – Canada-U.S. Trade Minister Dominic LeBlanc says he's feeling 'encouraged' after meeting with Commerce Secretary Howard Lutnick and American lawmakers in Washington, D.C., ahead of next week's tariff deadline. U.S. President Donald Trump threatened to slap Canada with 35 per cent tariffs if there's not a deal by Aug. 1 but the White House has said it would not include goods compliant with the Canada-U.S.-Mexico Agreement on trade. Canada is also being hit with Trump's tariffs on steel, aluminum and automobiles, and will be impacted by copper tariffs that are also expected to kick in on Aug. 1. LeBlanc says Ottawa will take the time necessary to get the best deal in the interest of Canadians, indicating a new economic and security arrangement may not materialize by Trump's deadline. LeBlanc says he will return to Washington next week for additional meetings. Monday Mornings The latest local business news and a lookahead to the coming week. Alaska Sen. Lisa Murkowski says she's hopeful for a return to normal relations with Canada but doesn't sense there will be a deal before Trump's deadline. This report by The Canadian Press was first published July 24, 2025.
CBC
18 minutes ago
- CBC
Canada's trade team downplays chances of deal with Trump by Aug. 1
Social Sharing With the clock ticking on U.S. President Donald Trump's threat to boost tariffs on some Canadian exports to 35 per cent starting Aug. 1, Canada's top trade negotiators are downplaying the likelihood of reaching a deal by that deadline. Dominic LeBlanc, minister responsible for Canada-U.S. trade, and Canada's ambassador to the U.S., Kirsten Hillman, wrapped up two days of meetings with Republican senators. These included a brief sit-down between LeBlanc and Howard Lutnick, the U.S. secretary of commerce and Trump's point man on tariffs. "We've made progress, but we have a lot of work in front of us," LeBlanc told reporters outside a Senate office building on Thursday. LeBlanc said he had a "productive, cordial discussion" with Lutnick and plans to return to Washington next week. He also added some caveats about the path to reaching a deal. "We're going to continue to work toward the Aug. 1 deadline,' he said. "But all of these deadlines are with the understanding that we'll take the time necessary to get the best deal that we think is in the interest of the Canadian economy and Canadian workers." Hillman, who was appointed Canada's chief negotiator with the U.S., also suggested an agreement with the Trump administration is not imminent. WATCH | Dominic LeBlanc speaks after meeting Trump's point man on tariffs: 'Canadians expect us to take the time necessary' to reach a U.S. trade deal: LeBlanc 1 hour ago Canada-U.S. Trade Minister Dominic LeBlanc, speaking to reporters in Washington, D.C., said Canada will only accept a deal when there is one in the best interest of workers and the Canadian economy on the table. "It's important for us to recognize that there is a time when the deal is the right deal, and it's important for us to be in a position to continue negotiating until we get to that point," she said. Their comments are the latest evidence that Prime Minister Mark Carney's government is not in a rush to sign a deal with the U.S. Carney said Tuesday that his objective is " not to reach a deal whatever it costs." Following Carney's meeting with Canada's premiers earlier this week, Nova Scotia's Tim Houston said the prime minister isn't dead set on signing a deal by the deadline. Other countries reach tariff deals with Trump This comes amid Trump's announcements this week of framework agreements on tariffs struck with Japan and Indonesia, and reports the U.S. is closing in on a deal with the European Union. Canada may be less panicked than other trading partners about the Aug. 1 deadline because only a small portion of Canada's exports to the U.S. would be affected by Trump's threat of 35 per cent tariffs. That's because most goods enter the U.S. tariff-free under the Canada-U.S.-Mexico Agreement, or CUSMA. Officials say LeBlanc and Hillman met with five Republican senators in Washington: Kevin Cramer (North Dakota), Roger Marshall (Kansas), Shelley Moore Capito (West Virginia), Tim Scott (South Carolina) and Todd Young (Indiana). Another Republican senator, Lisa Murkowski of Alaska, told reporters in Washington on Thursday that the U.S. shares a lot of security and economic interests with Canada and shouldn't treat it as "just another country" when it comes to tariffs. " I wish that I could say it feels good, that this is all going to be taken care of before the first of August, but I'm not sensing that," said Murkowski, who visited Ottawa on Monday to meet Carney and some of his cabinet ministers
