Billionaire Los Angeles Times owner Dr. Patrick Soon-Shiong announced on Monday that he would be taking the newspaper public sometime in the next year, calling it a move to democratize the paper.
“It’s important for the paper to have the voices of all, and that’s what I wanted to do, right?” he said on “The Daily Show.” “Whether you’re right, left, Democrat, Republican, you’re an American, so the opportunity for us to provide a paper that is the voices of the people, truly the voices of the people, so I’m going to announce something to you tonight… we’re literally going to take the LA Times public and allow it to be democratized.”
Soon-Shiong bought the newspaper for $500 million in 2018.
He said the offering would allow the public to have ownership of the newspaper and a say on the board.
He didn’t delve into specifics as to how that would look