Billionaire Owner Of The Los Angeles Times Says He Will Take The Newspaper Public In The Coming Year

LOS ANGELES (AP) — Dr. Patrick Soon-Shiong, the billionaire owner of the Los Angeles Times since 2018, says he intends to take the newspaper public in the coming year. During an interview on Monday’s “The Daily Show With Jon Stewart,” Soon-Shiong said the move would allow the Times “to be democratized and allow the public to have ownership of this paper.” Soon-Shiong didn’t say whether the deal would involve an initial public offer to sell shares of the company or another investment arrangement. Like much of the media industry, the Times has faced financial difficulties. Last year the company laid off more than 20% of the newsroom.