LA Times Lost A Reported $50M In 2024

The Los Angeles Times, owned by billionaire Dr. Patrick Soon-Shiong, reportedly lost approximately $50 million in 2024, following a $30 million loss in 2023, according to AdWeek, citing a source with direct knowledge of remarks by Anna Magzanyan, president of L.A. Times Studios. 

The financial shortfall has been attributed to a combination of subscriber and advertiser losses, operational changes, and external factors like wildfires in subscriber-dense areas. Below is a detailed breakdown of the situation based on available information.

Key Financial Details 2024 Loss: 

Subscriber Decline: Since September 2024, the paper lost approximately 25,000 paying subscribers, reducing its subscriber base and impacting revenue.
Advertising Losses: Major advertisers, including Netflix, have pulled ad spending, contributing to the financial strain.

Dr. Patrick Soon-Shiong

The Times and its sister paper, the San Diego Union-Tribune, also faced a “catastrophic” revenue loss of over $50 million in 2020 due to a sharp decline in print advertising during the COVID-19 pandemic, with digital advertising and print circulation also affected. In 2019, losses were around $20 million, indicating a persistent challenge in achieving profitability.

Ownership and Editorial Changes: Since acquiring the Los Angeles Times and San Diego Union-Tribune in 2018 for $500 million, Soon-Shiong has invested an estimated $800 million to $1 billion, including covering operational losses. His hands-on approach has included controversial decisions, such as:Blocking the paper’s endorsement of Kamala Harris in the 2024 presidential election, which sparked backlash and subscriber cancellations.

These changes and other have been criticized for moving the paper away from its traditional editorial identity, contributing to subscriber and advertiser discontent.