Los Angeles Times to Go Public, Owner Patrick Soon-Shiong Announces

On July 21, 2025, Patrick Soon-Shiong, the billionaire owner of the Los Angeles Times, announced plans to take the 143-year-old newspaper public within the next year. The announcement, made during an interview on "The Daily Show" with host Jon Stewart, aims to "democratize" the publication by allowing public ownership, modeled after the NFL’s Green Bay Packers. This move follows years of financial struggles and internal turmoil at the paper, raising questions about its future direction and sustainability.

Details of the Plan

Soon-Shiong revealed that the Los Angeles Times is working with a partner organization to structure the public offering, with the transition expected to occur over the next year. While specifics remain undisclosed, he compared the model to the Green Bay Packers, a publicly owned nonprofit, suggesting a structure that could allow widespread shareholder participation. The goal, he stated, is to create a newspaper that serves as “the voices of the people,” regardlessof political affiliation.

The Los Angeles Times did not immediately respond to requests for additional details, and no further information was provided on the financial structure or timeline during the interview.

Context of Financial and Operational Challenges

Soon-Shiong, a biotech billionaire and founder of ImmunityBio, purchased the Los Angeles Times and other publications, including the San Diego Union-Tribune, for $500 million in 2018 from Tronc (formerly Tribune Publishing). Since then, the newspaper has faced significant financial losses, with Soon-Shiong reporting annual losses of $30 million to $40 million in 2024, and some estimates suggesting losses reached $50 million that year.

The paper has also experienced operational upheaval:

• Layoffs: In January 2024, the Los Angeles Times laid off at least 115 staff members, over 20% of its newsroom, amid continued financial struggles. Another round of layoffs in May 2024 affected more than a dozen employees.

• Leadership Exits: Key figures, including Executive Editor Kevin Merida and Managing Editor Sara Yasin, resigned in early 2024, with Merida’s departure partly linked to disagreements with Soon-Shiong over editorial decisions.

• Endorsement Controversy: In 2024, Soon-Shiong blocked a planned editorial endorsement of then-Vice President Kamala Harris for president, leading to the resignations of editorial board members, including Pulitzer Prize winner Robert Greene and editor Mariel Garza. The decision triggered a subscriber backlash, with nearly 2,000 cancellations in two days and high-profile readers like actor Mark Hamill publicly ending their subscriptions. The paper lost at least 25,000 subscribers in the weeks following the controversy.

Strategic Shifts and Controversies

Since acquiring the paper, Soon-Shiong has aimed to transform the Los Angeles Times into a multimedia platform rivaling The New York Times and The Washington Post. He invested heavily in infrastructure and staff, including appointing veteran editor Norman Pearlstine in 2018. However, his interventions, such as introducing an AI-powered “bias meter” to label stories’ ideological leanings and pushing for more conservative and moderate commentators, have sparked internal criticism.

The “bias meter” initiative, launched in March 2025, drew particular ire, with union leaders warning it could erode trust in the paper’s reporting. Additionally, Soon-Shiong’s decision to block endorsements and his expressed desire to shift the paper’s traditionally liberal editorial stance have fueled tensions with staff and subscribers. In a December 2024 interview, he indicated plans to be more involved in the opinion section, a move that some journalists viewed as compromising editorial independence.

Posts on X have reflected mixed sentiment. Some users, like @ArtCandee, criticized Soon-Shiong’s influence, accusing him of pushing a “pro-Trump” vision and urging staff to quit and subscribers to cancel. Others, including Elon Musk, have praised his decisions, particularly the non-endorsement of Harris.

Rationale and Potential Implications

Soon-Shiong framed the public offering as a way to address ethical concerns and restore trust in the media, stating, “Ethics get cloudy if, in fact, the truth is not told.” He argued that public ownership could reduce perceptions of bias and conflicts of interest, particularly given his biotech interests and need for FDA approvals. When asked by Stewart about potential conflicts with the Trump administration, Soon-Shiong acknowledged that the paper “may and probably does” offend but emphasized that he avoids covering his own businesses in the Times, preferring outlets like The New York Times or The Wall Street Journal.

The move to go public could provide a financial lifeline for the struggling newspaper, potentially attracting new capital to address its deficits. However, it also raises risks, as public companies face pressure to prioritize shareholder value, which could further strain editorial resources. The Green Bay Packers model, while unique, is a nonprofit structure, and it remains unclear how closely the Times’ plan will align with it or whether it will involve a traditional IPO.

Broader Industry Context

The Los Angeles Times’ challenges reflect broader trends in the newspaper industry, where declining print ad revenue and digital competition have forced cost-cutting and innovation. Other billionaire-owned papers, such as The Washington Post (Jeff Bezos) and The Boston Globe (John Henry), have also faced financial pressures but have avoided going public. Soon-Shiong’s 2018 acquisition was seen as a premium deal, doubling Bezos’ $250 million purchase of The Post, despite the Times’ smaller subscriber base.

Looking Ahead

The announcement has sparked curiosity and skepticism, with no clear precedent for a major U.S. newspaper transitioning to public ownership in this manner. Industry analysts, like those cited on X, suggest the move could reshape the paper’s governance and editorial direction. Success will depend on the structure of the offering, investor appetite, and the paper’s ability to stabilize its finances while retaining journalistic credibility. As the Los Angeles Times navigates this uncharted path, its transformation will be closely watched by media observers and the public alike.

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