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Dr. Patrick Soon-Shiong, the billionaire owner of the Los Angeles Times, announced plans to take the newspaper public during an appearance on "The Daily Show" on Monday. Soon-Shiong, who purchased the paper for $500 million in 2018, shared that the move aims to democratize ownership of the publication and allow the public to have a stake in it.
The announcement comes after a challenging period for the Times, which included a 20% workforce reduction and the resignation of the entire editorial board. In early 2024, the paper cut approximately 115 reporters following the departure of top editor Kevin Merida. Additionally, Soon-Shiong faced criticism for blocking the paper's endorsement of then-Vice President Kamala Harris over President Donald Trump, leading to the resignation of editorial board editor Mariel Garza.
Despite these setbacks, Soon-Shiong emphasized the importance of representing diverse voices, stating, "Whether you're right, left, Democrat, or Republican, you're an American." He also mentioned plans to balance the editorial board with more conservative voices, addressing concerns that the paper had veered "very left."
The timeline for taking the Times public is expected to unfold over the next year, although specific details remain unclear.