LA Times Plans IPO Within A Year

Patrick Soon-Shiong, the billionaire owner of the Los Angeles Times, announced on July 21, 2025, during an interview on "The Daily Show" with Jon Stewart that he plans to take the newspaper public within the next year. 

The goal is to "democratize" the 143-year-old publication by allowing public ownership, comparing the move to the publicly owned structure of the Green Bay Packers. Soon-Shiong, who purchased the Los Angeles Times and the San Diego Union-Tribune in 2018 for $500 million, did not provide specific details on the structure of the public offering, such as whether it would involve an initial public offering (IPO) or another type of investment arrangement. He mentioned working with an organization to finalize the plan, which aims to address financial challenges and restore trust in the institution amid recent controversies.

The Los Angeles Times has faced significant turmoil in recent years, including layoffs, buyouts, and editorial disputes. In 2024, the newspaper cut approximately 20% of its newsroom staff (about 115 reporters) and saw further layoffs in May 2025, following years of financial losses estimated at $30 million to $50 million annually. 

Soon-Shiong’s decision in October 2024 to block the editorial board’s endorsement of Kamala Harris for president led to the resignation of the entire editorial board, including editor Mariel Garza, and the cancellation of around 20,000–25,000 digital subscriptions. 

Additional controversies include the introduction of an AI-powered "bias meter" and a brief implementation of an AI tool that generated problematic content, as well as Soon-Shiong’s push for more conservative voices to balance what he described as the paper’s left-leaning bias.

The move to go public follows Soon-Shiong’s substantial investments in the paper, including $250 million for infrastructure like the El Segundo headquarters and an additional $30–50 million annually to cover operating losses. The announcement comes at a time when the newspaper, the largest metropolitan daily in the U.S. with over 40 million monthly unique visitors to latimes.com, seeks to stabilize its finances and navigate an industry-wide decline in advertising revenue. However, the lack of specifics about the public offering and ongoing staff concerns about editorial interference raise questions about the plan’s impact on the paper’s future.