LA Times to Offer Public Stakes, Says Owner

LA Times owner Patrick Soon-Shiong has announced plans to take the storied newspaper public within the next year. The proposal aims to involve ordinary readers and investors in the paper’s future, marking a dramatic shift in the 143-year-old publication’s direction.

Soon-Shiong made the announcement during a televised appearance, describing the forthcoming public offering as a chance to democratize control of The Times. Details remain scarce, but the move could allow the public to hold true stakes and possibly gain a voice in the newsroom’s future.

Pledge to Democratize Ownership

Framing the newspaper IPO as an experiment in media democracy, Soon-Shiong said the offering would allow “the public to have ownership of this paper.” He is working with an unnamed organization to structure the deal, vowing that the IPO will come together in the next 12 months.

The owner compared the model to that of a sports team, suggesting readers and investors might even have representation on the board. Yet, questions remain about the precise extent of public participation or how much influence current ownership will retain after the process.

Did you know?
The Los Angeles Times, founded in 1881, is the largest metropolitan daily newspaper in the U.S. West and has won over 40 Pulitzer Prizes.

Turbulent Tenure and Editorial Upheaval

Since acquiring The Times in 2018, Soon-Shiong has faced considerable scrutiny and criticism. In late 2024, he blocked the paper’s planned endorsement of Vice President Kamala Harris, prompting the editorial board leader’s resignation and triggering over 20,000 subscription cancellations.

The fallout led to additional editorial departures and the eventual dismissal of the entire board. Soon-Shiong promised a reconstituted board with broader ideological diversity, including more conservative viewpoints, stirring debate on balance and independence in major newsrooms.

Financial Investment and Headwinds

Soon-Shiong says he has invested about $1 billion in the LA Times and the San Diego Union-Tribune since 2018, covering operating losses averaging $40-50 million each year. Despite this, the paper’s subscriber base currently sits at around 650,000, with digital-only users making up less than half. New targets include reaching 400,000 direct digital subscribers, equal to 1% of California’s population.

The paper’s financial struggles have emerged alongside industry trends that challenge all legacy newsrooms. Layoffs, budget cuts, and shifting strategies have characterized the Times’ last few years, as leaders seek ways to ensure long-term viability.

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New Tools and Editorial Experiments

To address mounting criticism over perceived bias, the Times under Soon-Shiong introduced an AI-powered “bias meter” to analyze and flag opinion content. Though the tool aims for greater transparency, it has drawn mixed responses from staff and readers, who remain divided over its effectiveness and implications for independent journalism.

Soon-Shiong has also taken to high-profile interviews on multiple media platforms to defend his approach and present the latest vision for the publication’s future. Presenting the IPO as a way for readers to take a direct stake, he challenges the notion of traditional media ownership models.

What Comes Next?

The coming months will be crucial in deciding the fate of the Los Angeles Times. If the public offering proceeds, The Times will join a small group of American news organizations to test reader ownership at a national scale. The move invites questions about editorial independence, share structure, and the role of ordinary subscribers in the future of U.S. journalism.

Staff, industry analysts, and the public alike will be watching closely to see whether Soon-Shiong’s “democratization” plan revitalizes the newspaper or simply ushers in a new period of uncertainty.