LA Times Going Public? Patrick Soon-Shiong Plans Green Bay-Style Ownership To 'Democratize' 143-Year-Old Paper
Los Angeles Times owner Patrick Soon-Shiong announced plans to take the 143-year-old newspaper public within the next year,
What Happened: On a Monday television interview on “The Daily Show,” Soon-Shiong told host Jon Stewart the move aims to “democratize” ownership of the publication. “We’re literally going to take LA Times public and allow it to be democratized and allow the public to have ownership of this paper,” he said in the taped interview.
The billionaire owner, who also founded ImmunityBio Inc. (NASDAQ:IBRX), said the structure would resemble the Green Bay Packers’ public ownership model. A partner organization is developing the framework, according to Soon-Shiong.
Los Angeles Times did not immediately respond to Benzinga's request for comment.
Why It Matters: The announcement follows significant operational challenges at the Los Angeles Times. In January, the paper eliminated at least 115 positions, representing over 20% of its newsroom, amid annual losses of $30 million to $40 million, Soon-Shiong previously disclosed.
Executive leadership departures have plagued the publication, including Executive Editor Kevin Merida and Managing Editor Sara Yasin.
Soon-Shiong acquired the Los Angeles Times and other newspapers from Tronc in 2018 for $500 million.
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