Patrick Soon-Shiong plans to take the Los Angeles Times public, allowing public ownership of the 143-year-old newspaper.
The billionaire says the fan-owned Green Bay Packers model inspired his vision to democratize media ownership.
Despite L.A. Times losses, Soon-Shiongs net worth rose 1.5 billion this year, fueled by his stake in ImmunityBio.
South African-born billionaire Patrick Soon-Shiong is preparing to take The Los Angeles Times public within the next year, opening the door for the public to own a stake in the 143-year-old newspaper. The move, he says, is about giving people a real sense of participation in preserving independent journalism.
Speaking during a taped interview on The Daily Show with Jon Stewart, Soon-Shiong explained the plan in plain terms: Were literally going to take the LA Times public and allow it to be democratized, to let the public have ownership of this paper.
Soon-Shiong reshapes L.A. Times ownershipSoon-Shiong, who bought the paper in 2018 for 500 million, said the new model would resemble the fan-owned structure of the Green Bay Packers football team.
A partner organization is working out the framework, and the process will be guided by a newly formed company called the L.A. Times Next Network.
The goal, the paper said in a Tuesday statement, is to rebuild trust in media by blending verified information with technology and meaningful community involvement. Now valued at the same 500 million price Patrick Soon-Shiong paid for it, The Los Angeles Times has faced tough times in recent months.