Los Angeles Times Owner Reveals He's Taking Newspaper Public

The Los Angeles Times is set to go public, that's according to billionaire owner Patrick Soon-Shiong who made the surprise announcement in an interview with Jon Stewart on Monday's episode of The Daily Show

In a wide-ranging interview, Soon-Shiong spoke about his medical research work as well as his ownership of the Times . After Stewart asked whether there was a conflict of interest in Soon-Shiong seeking FDA approval for some of his businesses as well as owning a major newspaper, the billionaire replied that he would look to "take" L.A. Times public, [for it] to be democratized. And allow the public to have ownership of this paper," to move away from ethical concerns. Soon-Shiong said he hoped the move would take the Times The public would happen over the next year, and he was working with an organization to make it happen.

Soon-Shiong, a South African-American transplant surgeon and medical researcher turned pharmaceuticals billionaire, acquired the Los Angeles Times , as well as the San Diego Tribune and some other assets for $500 million in 2018 . In an interview for PBS at the time of the purchase, Soon-Shiong explained his reasons for buying it Times It's so important for democracy. It's important for education. It's important for this country. And it's an institution that I think we need to protect," Soon-Shiong said. "I grew up in Apartheid South Africa, the only thing that was my respite was the newspaper.

However, under Soon-Shiong, the Times , particularly in the last few years, has been beset with internal problems and external criticism, as the paper faced declining readership and struggled to keep a lid on growing political and ideological differences between staff and ownership. 2024 proved to be something of an annus horribilis for the Times , with the year beginning with the high profile exit of top editor Kevin Merida and reports of a tug-of-war for control over the Times . Last year also saw threats of a newsroom walkout from staff, a round of layoffs , the exit of star critic Justin Chang , and most seismic of all, the decision by the paper not to endorse a candidate for the 2024 presidential election .

The non-endorsement scandal became a national story, and Soon-Shiong faced fierce criticism, with a number of top editors including Robert Greene, Mariel Garza and Karin Klein resigning from the Times . Vice President Kamala Harris called the paper's non-endorsement "disappointing." Post-election, Soon-Shiong has looked to shift the Times ' image as an avowedly liberal paper and done interviews with the likes of Fox News outlining his push to make the Times cover "views both sides."

"We've conflated news and opinion," Soon-Shiong said in the appearance on Fox News @ Night in November 2024. "So, the first thing I want to do is ensure that we explicitly say 'This is news.' And if it's news, it should just be the facts, period. And if it's an opinion, that's maybe an opinion of the news and that's what I call now a 'voice.'"

In March, Soon-Shiong again raised eyebrows among the paper's staff with the introduction of an AI-powered feature that analyzes stories for their political viewpoint . The newspaper's new "Insights" tool, which places stories along the political spectrum, "risks further eroding confidence in the news," said one union leader.

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