Patrick Soon-Shiong seeks to democratize Los Angeles Times ownership

In early 2024, the Los Angeles Times faced significant challenges, including a major reduction in its workforce. Approximately 115 reporters, or 20% of its staff, were laid off following the resignation of its top editor, Kevin Merida. The newspaper was also embroiled in controversy when owner Patrick Soon-Shiong blocked an endorsement for then-Vice President Kamala Harris in the upcoming presidential election. This decision led to a mass resignation of the paper’s editorial board, further exacerbating the Times' struggles. In light of these events, Soon-Shiong announced plans to take the newspaper public, which he believes will allow the public to have a stake in the paper and promote a diversity of voices within its coverage. He emphasized the need for the Times to represent opinions from all sides of the political spectrum, criticizing what he viewed as its increasingly left-leaning stance. Soon-Shiong, who acquired the newspaper for $500 million in 2018, has expressed regrets over the staff's discontent with his content moderation efforts. Despite the high-profile challenges, he remains committed to improving the paper’s representation of diverse viewpoints. The aim is to reinstate trust in the institution and demonstrate that it can be a platform for all Americans, regardless of their political affiliations.