Latest news with #LATimes
New York Post
16 hours ago
- Business
- New York Post
Billionaire LA Times owner announces he's taking the newspaper public
Billionaire Los Angeles Times owner Dr. Patrick Soon-Shiong announced on Monday that he would be taking the newspaper public sometime in the next year, calling it a move to democratize the paper. 'It's important for the paper to have the voices of all, and that's what I wanted to do, right?' he said on 'The Daily Show.' '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, so I'm going to announce something to you tonight… we're literally going to take the LA Times public and allow it to be democratized.' Soon-Shiong bought the newspaper for $500 million in 2018. He said the offering would allow the public to have ownership of the newspaper and a say on the board. He didn't delve into specifics as to how that would look in practice. 'I'm working with an organization that's putting that together right now,' Soon-Shiong told host Jon Stewart of the process of taking the newspaper public. 4 LA Times owner Dr. Patrick Soon-Shiong appears on 'The Daily Show' on July 21, 2025. The Daily Show/YouTube 4 The Los Angeles Times building in downtown Los Angeles, Calif. on Feb. 7, 2018. AP 'Ethics get cloudy if, in fact, the truth is not told,' Soon-Shiong said on Monday. 'Our institutions today, there's so much distrust. Unless you have truth and trust, those two words, I think we're not going to have any healing in the country… I live this American dream. I'm an immigrant here, right? So to me, this is really a wonderful opportunity for us to have the privilege of being an American.' The interview with Stewart mainly delved into Soon-Shiong's efforts to cure cancer. In addition to holding the Times, Soon-Shiong is a surgeon, medical researcher and biotech entrepreneur who's seeking to develop a cancer vaccine. The decision to go public comes amid news of the Los Angeles Times' financial struggles. In April, AdWeek reported the paper had lost $50 million in 2024, the same year it laid off 115 staffers. 4 Soon-Shiong shakes hands with President Donald Trump at the Lusail Palace in Doha on May 14, 2025. AFP via Getty Images 4 The decision to go public comes amid news of the Los Angeles Times' financial struggles. AFP via Getty Images Soon-Shiong's tenure has also been marked by discontent on the staff, particularly over his recent efforts to moderate its content. He defended his moves to reform the paper's left-leaning opinion pages in an interview with Fox News Digital earlier this year. 'I really wanted to make sure that we are a trusted source for all Americans,' Soon-Shiong said in January. 'Clearly, California is blue, very blue. When our opinion pages were so one-sided, and these are just opinions, I wanted to make sure that everybody had a chance to voice their own opinion. And more importantly, opinion based on facts, not on speculation.' He also incensed liberal media observers when, like Washington Post owner Jeff Bezos, he yanked a planned endorsement of Kamala Harris in the 2024 election. Soon-Shiong has expressed past willingness to work with the Trump administration on his cancer moonshot and disappointment at a lack of partnership from the Biden administration. Fox News Digital has reached out to the LA Times for additional comment.
Bloomberg
a day ago
- Business
- Bloomberg
General Atlantic's Kotzin Sees IPOs Taking Off in 2026
Hi, it's Swetha Gopinath in London, getting a global IPO outlook from a senior executive at private equity investor General Atlantic. Also today, the billionaire owner of the LA Times plans to take the newspaper public. Today's top stories
Hypebeast
a day ago
- Entertainment
- Hypebeast
Artists Reflect on LA Wildfires in opa projects Group Show
Summary 'Out of LA: Contemporary Voices' highlights paintings, sculptures and mixed media works that touch on the LA wildfire disaster Participating artists incldue Cleon Peterson, Ed Ruscha, Kour Pour and more notable names Miami-based opa projects is showing a group exhibition featuring works by eight notable artists from Los Angeles whom were affected by the Southern California wildfires that took place this past January. Entitled Out of LA: Contemporary Voices, the group presentation features a range of diverse works, encompassing painting, sculpture and media, that channel themes of survival, renewal and resilience. Participating artists include Cleon Peterson, Ed Ruscha, Kour Pour, Emily Ferguson, Jessica Taylor Bellamy, Kenny Scharf, Nicholas Shake and Zoe Walsh. Highlights include a life-sized work by Peterson entitled 'Between Fate and destiny I' painting that features his primitive, dark figures in a clashing scene as well as Ruscha's 'FAST FROM' (2019) acrylic work on paper that touches on his experiments with text. 'I like the idea of a word becoming a picture, almost leaving its body, then coming back and becoming a word again,' said Ruscha. Bellamy's 'Pastime paradise' (2025) oil painting, is perhaps one of the more noticeable works reflecting the wildfires, that displays a chaotic composition of an LA Times newspaper with the headline 'California's climate apocalypse' as it melts against a backdrop of burning leaves. 'In this moment of rebuilding, Out of LA honors the artistic voices that define this city—not through nostalgia, but through action, expression, and an unshakable belief in creative future-building,' said the gallery in a statement. 'Out of LA: Contemporary Voices' is on view through July 10. opa projects 7622 NE 4th Ct. Miami, FL 33138
Hindustan Times
2 days ago
- Business
- Hindustan Times
LA Times billionaire owner plans to take newspaper public
Patrick Soon-Shiong plans to take the Los Angeles Times public over the next year, the billionaire owner told Jon Stewart on Monday night. The Los Angeles Times newspaper headquarters are seen in El Segundo, California on January 18, 2024.(AFP) The newspaper has been under his stewardship since 2018, when his Nant Capital investment vehicle purchased it in a $500 million deal. South Africa-born Soon-Shiong helped steady the business after a clash between its editorial staff and the previous owners. If an initial public offering goes ahead, the LA Times would join former parent Tribune Publishing Co. and The New York Times Co. among the largest publicly traded news organizations. It would give investors a chance to own a piece of one of the oldest and largest media outlets in California, the richest US state. 'We'll allow it to be democratized and allow the public to have ownership of this paper,' Soon-Shiong said on The Daily Show. 'Unless you have truth and trust, I think we're not going to have healing in this country.' Before acquiring the LA Times, Soon-Shiong built his fortune in pharmaceuticals, and he discussed his work on cancer research during the Monday interview. He said it's important for the US to have a trustworthy source of news — for both sides of the political divide — and therefore wanted to allow Americans the ability to own it. He did not elaborate on a timeline beyond saying it should happen over the next year. Like other traditional media organizations, the LA Times has in recent years struggled with an advertising and readership downturn. Soon-Shiong, like fellow billionaire owner Jeff Bezos did with the Washington Post, blocked his newspaper from publishing an endorsement in the 2024 US presidential election, leading some of his editors to resign in protest.
Business Insider
2 days ago
- Business
- Business Insider
The LA Times' billionaire owner says he plans to take the paper public and 'allow it to be democratized'
The owner of the LA Times said he's going to take the paper public. Billionaire investor and businessman, Patrick Soon-Shiong, said the IPO will happen over the next year. The move would allow the paper to be "democratized," he said in an episode of "The Daily Show." Soon-Shiong, a businessman, investor, and medical researcher, broke the news in a Monday episode of Jon Stewart's "The Daily Show." "I'm going to announce something with you tonight," he said to Stewart. "Is that we're going to take LA Times public and allow it to be democratized, and allow the public to have the ownership of the paper." The announcement was followed by cheering and applause from the audience. Soon-Shiong, through his investment firm Nant Capital, took over ownership of the paper in 2018 and became its executive chairman. It was previously owned by media company Tronc. He said to Stewart that the IPO would go through over the next year. If it goes through, the LA Times will join other publicly traded news giants like The New York Times Co. Soon-Shiong is also the executive chairman of ImmunityBio, a biotechnology company that develops vaccines and therapies for cancer and other diseases. He said he grew up in South Africa during apartheid, without access to television, so he highly valued newspapers and radio. "As I grew up in South Africa, the only thing that inspired me and kept me alive was the newspaper," he said on "The Daily Show." He added, "So the opportunity for me, working on cancer and healing, hopefully curing cancer, is to have a place where the people, the voice of the people, truly the voice of the people, could be heard."
