The owner of the Los Angeles Times forms a new company which will offer financial actions from the newspaper to the public.
Billionaire Dr Patrick Soon-Shiong, who acquired the newspaper in 2018, announced a news on Monday in an interview with actor Jon Stewart on “The Daily Show” Comedy Central.
The company has disclosed the details of the surprise decision in a press release on Tuesday, saying that it would combine several of the existing companies in Soon Shiong in a new media entity called Times Next Network.
The entity’s shares will be offered through the regulations to funding, which gives private companies the possibility of selling stocks to investors without the regulatory requirements of a traditional initial public offer. It limits the amount collected at $ 75 million and requires the deposit of financial disclosure information.
The digital offer, an investment bank based in Laguna Beach specializing in public offers funded by the crowd, was hired to manage the process.
The new company will include Los Angeles Times; Next lat, an organized creative platform; Nant Games, focused on e-sport and games; Nantstudios Virtual Production, which provides video production services; And Times Studios, supporting streaming and live events.
Soon Shiong described the move to Stewart as “the opportunity for us to provide an article which is the voice of the people”. He developed his intention in a declaration on the new company.
“My family bought the Times to ensure a voice from the community and now we have a way to return it to people,” he said. “With this opportunity, readers, members of the community, everyone will be the media: direct democracy in action.”
“The need to restore truth and confidence in the media and our institutions is more important now more than any time in the history of our country,” said Soon Shiong. “Newtagnet La Times Next will strive to be the platform and the voice of people.”
As a large part of the Inherited media affairs, Times was faced with Winds in recent years. Earlier this year, Adweek reported that the newspaper had lost $ 50 million in 2024. The company reduced the size of its 20% editorial room due to the drop in advertising and subscription income.
In 2018, soon Shiong Buyed the TimesSan Diego Union-Tribune and several community newspapers in an agreement of $ 500 million.
The sale has returned time to local control after 18 years of turbulent property per trunk, based in Chicago. In 2023, he sold the San Diego Union-Tribune in Medianews Group.
Soon Shiong has built its fortune thanks to pioneering pharmaceutical and biotechnological companies, including cancer treatments.
