The Los Angeles Times will go public within the next year, according to its billionaire owner Patrick Soon-Shiong.
In a surprise announcement on The Daily Show with Jon Stewart, Soon-Shiong said the move was intended to address concerns over editorial independence and his own business interests. “I would look to take LA Times public, [for it] to be democratised. And allow the public to have ownership of this paper,” he said.
Soon-Shiong, who made his fortune in pharmaceuticals, bought the LA Times, San Diego Tribune and other assets for $500 million in 2018. At the time, he described the paper as vital to democracy and said he saw it as an institution worth protecting.
The paper has, however, often been in tumult under his ownership. Last year saw the resignation of executive editor Kevin Merida, threats of a newsroom walkout, staff layoffs and the paper’s controversial decision not to endorse a candidate in the 2024 presidential election. That move led to the resignation of several senior editors and drew criticism from Vice President Kamala Harris.
Subsequently there has been controversy over the use of unmediated AI to add different perspectives to opinion pieces.
Soon-Shiong has since pledged to rebalance the paper’s coverage and reaffirm the distinction between news and opinion. He has appeared on Fox News to defend his approach.
Details of the public offering remain limited, but Soon-Shiong said he was working with a third party to make it happen.
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