Los Angeles Times Plans Public Listing Amid Losses

Patrick Soon-Shiong, who acquired the Los Angeles Times in 2018 for $500 million, has announced plans to take the newspaper public within the next year. The move aims to 'democratize' ownership by allowing public participation, modeled after community-owned sports teams like the Green Bay Packers. The Times reportedly lost $50 million in 2024 and has experienced multiple layoffs and staff reductions during Soon-Shiong's tenure. His leadership has also faced controversy over blocked editorial endorsements in presidential elections, leading to staff resignations and subscriber cancellations. Soon-Shiong maintains he does not influence reporting on his biotech interests, acknowledging ongoing ethical scrutiny. The public listing is positioned as both a financial strategy and an effort to restore trust and stability at the newspaper.