Los Angeles Times to go public, owner Soon-Shiong says
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Los Angeles Times to go public, owner Soon-Shiong says
The LA Times plans to go public within the next year, its owner Patrick Soon-Shiong said in a television interview on Monday. The billionaire owner of the newspaper said the model would resemble the public ownership structure of the NFL’s Green Bay Packers. The move follows months of turmoil at the Los Angeles Times. Last January, the paper laid off at least 115 staff, or more than 20% of its newsroom.
July 22 (Reuters) – The Los Angeles Times newspaper plans to go public within the next year, its owner Patrick Soon-Shiong said in a television interview on Monday, in an effort to give the public ownership of the 143-year-old 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,” Soon-Shiong said on “The Daily Show” in a taped interview with the host, Jon Stewart.
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The billionaire owner of the newspaper said the model would resemble the public ownership structure of the NFL’s Green Bay Packers and that a partner organization was working on the structure.
The move follows months of turmoil at the Los Angeles Times.
Last January, the paper laid off at least 115 staff, or more than 20% of its newsroom, amid continued financial losses and leadership exits, including Executive Editor Kevin Merida and Managing Editor Sara Yasin. At the time, Soon-Shiong said he paper was losing $30 million to $40 million annually.
The papers editorial’s editor also resigned last year after Soon-Shiong reportedly blocked a planned endorsement of then-Vice President Kamala Harris, triggering subscriber backlash.
Soon-Shiong, who is also the founder of ImmunityBio (IBRX.O) , opens new tab bought the LA Times along with other newspapers in 2018 for $500 million from Tronc.
LA Times did not immediately respond to a Reuters request for comment on additional details.
Reporting by Surbhi Misra in Bengaluru; Editing by Lincoln Feast.
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