LA tycoon reveals intention to make The Los Angeles Times a publicly-traded company
### Democratizing the Los Angeles Times: A Move Met with Skepticism and Anxiety
In a controversial move, Dr. Patrick Soon-Shiong, the billionaire owner of the Los Angeles Times, has announced plans to take the newspaper public, aiming to "democratize" it and allow the public to have ownership [1]. This decision, while intended to open up the newspaper's ownership beyond private hands, has been met with skepticism and anxiety within the newsroom, where staff feel marginalized by top-down decision-making and fear further instability.
#### Transition to Public Ownership
The transition from private to public ownership would see financial shares of the newspaper offered to the public, effectively inviting a broader base of stakeholders to have a financial stake in the publication's future [4]. This shift, reminiscent of Jeff Bezos' tenure as owner of the Washington Post, could potentially expose the newsroom to the financial and operational pressures typical of publicly traded companies.
#### Staff and Editorial Implications
The announcement, delivered externally rather than internally, has left many employees feeling blindsided and disrespected [1]. This follows a pattern of communication where major decisions, including layoffs, are often not shared directly with the staff, contributing to a sense of alienation and distrust in leadership. The newsroom, already described as "moribund," has endured more than a 20% reduction in staff over the past few years due to repeated layoffs, and the public offering announcement appears to have compounded existing frustrations [1].
#### Editorial Independence
While the rhetoric frames the move as a democratization of ownership, the reality is that public ownership often brings increased scrutiny from shareholders focused on profitability. This could pressure the editorial board to balance journalistic integrity with financial performance metrics, potentially affecting the paper’s editorial stance and decision-making autonomy.
#### Key Points and Implications
| Aspect | Soon-Shiong’s Proposal | Staff/Editorial Implications | |-------------------------|---------------------------------------------------------|-------------------------------------------------------| | Ownership Structure | Transition from private to public ownership | Public shareholders may prioritize profit over mission| | Communication | Announced externally, not internally | Erodes trust, lowers morale | | Staff Stability | No immediate details on job security | Fear of more layoffs, increased instability | | Editorial Independence | Stated goal of democratization | Risk of commercial pressures influencing content |
#### Background
Dr. Soon-Shiong, an immigrant, surgeon, medical researcher, and biotech entrepreneur, bought the Los Angeles Times for $500 million in 2018 [2]. His tenure has been marked by staff discontent, particularly over his efforts to moderate the paper's content [3]. Dr. Soon-Shiong has defended his moves to reform the Los Angeles Times' left-leaning opinion pages in an interview with Fox News Digital earlier this year [5].
Despite the financial struggles the Los Angeles Times is currently experiencing, with a reported loss of $50 million in 2024 [6], the interview with Jon Stewart on "The Daily Show" mainly focused on Dr. Soon-Shiong's efforts to cure cancer. Dr. Soon-Shiong has expressed past willingness to work with the Trump administration on his cancer moonshot and disappointment at a lack of partnership from the Biden administration [7]. He has also stated a desire for healing in the country through truth and trust [8].
Dr. Soon-Shiong plans to allow the public to have ownership of the newspaper and a say on the board [1]. However, there have been reports of low morale and staffer exodus at the Los Angeles Times [9]. Dr. Soon-Shiong incensed liberal media observers when he yanked a planned endorsement of Kamala Harris in the 2024 election [10]. Dr. Soon-Shiong has stated that ethics get cloudy if the truth is not told [11]. The Los Angeles Times is set to be taken public sometime in the next year [1].
- The transition to public ownership of the Los Angeles Times could potentially expose the newsroom to financial and operational pressures that are typical of publicly traded companies, as financial shares of the newspaper would be offered to the public, similar to Jeff Bezos' tenure as owner of the Washington Post.
- Staff at the Los Angeles Times feel marginalized by top-down decision-making and fear further instability, as the announcement of taking the newspaper public, delivered externally rather than internally, has left many employees feeling blindsided and disrespected, contributing to a sense of alienation and distrust in leadership.
