Los Angeles Times Plans to Go Public in Push for Community Ownership
In a bold new move, billionaire owner Patrick Soon-Shiong announced that the Los Angeles Times will go public within the next year. Speaking on The Daily Show with Jon Stewart, Soon-Shiong said the goal is to “democratize” the 143-year-old paper by allowing the public to take ownership — similar to the Green Bay Packers' community-driven model.
The decision follows a turbulent year at the Times, marked by major newsroom layoffs, high-profile leadership exits, and financial struggles, including annual losses estimated between $30 million and $40 million. Soon-Shiong emphasized that a partner organization is actively working on the ownership structure.
Soon-Shiong acquired the Times in 2018 for $500 million, but recent controversies, such as his reported interference in an editorial endorsement of Kamala Harris, have sparked internal friction and subscriber backlash. The planned IPO aims to give readers a stake in the paper's future, shifting it toward a more publicly accountable model.
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