Table of Contents
Key Points
- 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-Shiong’s 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: “We’re 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 ownership
Soon-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.
In January, the newsroom was hit by sweeping layoffs, at least 115 people lost their jobs, more than 20 percent of its staff. The cuts came amid heavy financial losses and the resignations of top editors, including Executive Editor Kevin Merida and Managing Editor Sara Yasin. At the time, Soon-Shiong revealed the paper was losing between $30 million and $40 million annually.
Soon-Shiong’s wealth rises on biotech
While the paper is struggling, its owner is not. Soon-Shiong’s net worth has jumped by $1.5 billion so far this year, rising from $10.3 billion in January to $11.8 billion as of this writing. Part of that increase is tied to his 76 percent stake in ImmunityBio, a biotech firm developing immunotherapy treatments for cancer and infectious diseases.
ImmunityBio’s stock soared earlier this year, briefly pushing the company’s market cap past $3 billion by mid-February. Though shares slid in the following months, a recent rebound lifted the price back to $2.99, leaving the stock up more than 16 percent for the year and restoring its market value to above $2.6 billion on the Nasdaq.
Billionaire bolsters healthcare in South Africa
Patrick Soon-Shiong, born in South Africa to Chinese immigrant parents, made his fortune in the U.S. through pharmaceutical breakthroughs. He sold APP Pharmaceuticals to Fresenius for $4.6 billion in 2008, walking away with $3.8 billion. Two years later, he sold Abraxis BioScience to Celgene for $2.9 billion, receiving $2 billion in cash and a 2 percent equity stake.
Despite his wealth and success abroad, Soon-Shiong hasn’t lost touch with his roots. He continues to invest in South Africa’s healthcare system and has backed several programs targeting chronic disease, aiming to improve access to care in underserved communities.
