BREAKING: Patrick Soon-Shiong, the billionaire owner of the Los Angeles Times, has just announced plans to take the newspaper public within the next year. In a stunning revelation during an episode of Jon Stewart’s “The Daily Show”, Soon-Shiong emphasized that this move will “democratize” the paper, granting ownership to the public.
The announcement, made on October 23, 2023, was met with enthusiastic applause from the studio audience. Soon-Shiong, who acquired the LA Times through his investment firm Nant Capital in 2018, expressed his vision for the paper’s future, stating, “I’m going to announce something with you tonight… we’re going to take the LA Times public.”
This potential initial public offering (IPO) could position the LA Times alongside other notable publicly traded media companies, such as The New York Times Co. and Tribune Publishing Co.. Soon-Shiong, who also serves as the executive chairman of ImmunityBio, a company focused on developing cancer therapies, believes that democratizing ownership is essential for the newspaper’s role in society.
Reflecting on his upbringing in South Africa, Soon-Shiong shared that he lacked access to television during the apartheid era, making newspapers and radio vital sources of information. “As I grew up in South Africa, the only thing that inspired me and kept me alive was the newspaper,” he stated. “This opportunity allows us to ensure the voice of the people is heard.”
The LA Times has been a pivotal source of news in California, and this major shift in ownership structure could significantly impact its direction and operations. Although representatives for the LA Times and its union, the LA Times Guild, have not yet commented on the IPO announcement, the implications for journalists and readers alike are substantial.
As the news continues to develop, stakeholders and readers are urged to stay tuned for updates on how this potential IPO could reshape the landscape of local journalism in the United States. This is a moment that could not only transform the LA Times but also influence the broader media environment.
What’s next? Watch for further announcements from Soon-Shiong and the LA Times as they outline the timeline and details surrounding this significant transition. The public’s reaction and the response from industry experts will be critical in the coming days, as the future of one of America’s most prominent newspapers hangs in the balance.
Stay connected for real-time updates on this breaking story.
