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The owner of the Los Angeles Times said on Monday that the following year would be “published with the paper.”
In an interview with The Daily Show with John Stewart, Dr. Patrick Snion said the move would allow the Times to “democratize and allow the public to own the paper.”
He did not provide details on how the transaction would work or whether it would involve an initial public offering or other kind of investment agreement to sell shares in the company.
Importantly to “You’re right, left, Democrat, Republican, you’re American or not. So, the opportunity for us to provide a paper that is the voice of people, the voice of true people,” Soon-Shiong told Stewart.
“I think we’ll be next year. I’m working. [that] With an organization that’s putting it together now,” he added.
In 2018, he purchased the LA Times, the San Diego Union Tribune, and several community newspapers for a $500 million deal.
The sale brought The Times back to local control after 18 years of ownership by Chicago-based Tronk. In 2023, he sold the San Diego Union-Tribune to the Medianews group.
Like much of the news industry, the Times faces economic headwinds.
Soon-Shiong has built his fortune through pioneering pharmaceutical and biotechnology ventures, including cancer treatments.
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