Dr. Patrick Soon-Shiong Plans to Take Los Angeles Times Public: A New Era for Local Journalism?
LOS ANGELES (AP) — In a bold move for the future of local journalism, Dr. Patrick Soon-Shiong, the billionaire owner of the Los Angeles Times, announced this week his intention to take the newspaper public within the year. Speaking during an interview on Monday’s “The Daily Show With Jon Stewart,” Soon-Shiong expressed that making the Times publicly accessible will “democratize” ownership and empower the community to take part in its stewardship.
Soon-Shiong, who acquired the Times in 2018 for $500 million, returned it to local ownership after two decades under corporate management. This transition sparked hopes for revitalization following years marked by cutbacks and declining circulation. Yet the road hasn’t been smooth. The newspaper continues to grapple with financial struggles, including significant layoffs that impacted over 20% of its newsroom last year.
In addressing the publication’s challenges and future, Soon-Shiong emphasized the importance of diverse voices contributing to the paper, stating, “Whether you’re right, left, Democrat, Republican, you’re an American.” His aspiration is for the Times to truly reflect the community it serves—a sentiment echoed in Matthew 7:12, where Jesus teaches, “So in everything, do to others what you would have them do to you.” This principle of mutual respect and understanding not only applies to interpersonal relationships but also to the media’s role in serving its audience.
However, the Times has recently faced leadership turbulence as well. The resignation of executive editor Kevin Merida in January 2024, after a tenure marked by both accolades and internal strife, highlighted ongoing issues within the organization. Moreover, the editorial board’s abrupt halt on political endorsements triggered a further resignation and raised questions about the paper’s editorial independence.
As Soon-Shiong forges ahead with plans for public ownership, he is collaborating with an unnamed organization to navigate the details. The potential for an initial public offering remains unclear, but his vision underscores a need for financial stability and a return to the core mission of journalism—serving the public interest.
This moment offers a reflective pause on the power of collective ownership and shared responsibility. Just as communities come together to uplift one another, the Los Angeles Times might evolve into a platform that harnesses the collective wisdom of its readership. The pressing realities of today’s media landscape call for a thoughtful approach, grounded in the pursuit of truth and the commitment to vocalize diverse perspectives.
In times of uncertainty, remember the words from Philippians 4:6-7, which encourage believers not to be anxious but to offer their requests in prayer and supplication, leading to a peace that surpasses all understanding.
As we await the unfolding journey of the LA Times, let this situation inspire us to nurture the values of open dialogue and shared understanding in our communities. Engaging with one another in grace and empathy can pave the way for a more promising tomorrow.
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