Billionaire Patrick Soon-Shiong, the owner of the Los Angeles Times, has announced plans to take the newspaper public, aiming to democratize ownership and address ethical concerns surrounding his dual role as a newspaper owner and pharmaceutical businessman. This revelation came during an interview with Jon Stewart on The Daily Show, where Soon-Shiong expressed his desire to shift the Times towards public ownership within the next year.
Soon-Shiong, who acquired the Times and other assets for $500 million in 2018, has long viewed the institution as crucial for democracy and education, stating, “It’s an institution that I think we need to protect.” However, under his ownership, the Times has faced significant challenges, including declining readership and internal discord, with ideological differences surfacing among staff and management.
The year 2024 was particularly tumultuous for the Times, marked by notable exits, including that of top editor Kevin Merida, and a high-profile decision not to endorse any candidate for the presidential election, which drew criticism from various quarters, including Vice President Kamala Harris. Following this backlash, Soon-Shiong has been working to reposition the Times as a balanced news source, with aspirations to represent multiple viewpoints.
Additionally, his recent introduction of an AI-powered tool designed to analyze political bias in articles has sparked concern among staff members about the long-term impact on public trust in journalism. A union leader remarked that this tool could potentially undermine confidence in the news.
The proposed public offering could represent a significant shift for the Times, potentially restoring its place in the media landscape amidst ongoing challenges. As Soon-Shiong seeks to turn around the paper’s fortunes, there is hope that reestablishing a strong connection with the community will reinvigorate the Times’ legacy as a trusted news source.