Levi Strauss Lifts Full-Year Outlook Following Fiscal Second-Quarter Beat
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New York Times
a few seconds ago
- New York Times
L.A. Times Owner Says He Will Take Newspaper Public in Next Year
The owner of the Los Angeles Times, Patrick Soon-Shiong, said on Monday that he would take the newspaper public in the next year. Dr. Soon-Shiong, a former surgeon who built his fortune by developing cancer drugs, bought the Los Angeles Times in 2018 for $500 million from Tronc, a media company that was, at the time, listed on the New York Stock Exchange. Since taking over the newspaper, Dr. Soon-Shiong has struggled to make it profitable, and a history of deep losses would cloud its appeal to investors. AdWeek reported that the L.A. Times lost $50 million in 2024 as paid subscriptions fell to just over 300,000. The newspaper laid off more than 20 percent of its newsroom staff last year. A public offering would happen 'over the next year,' Dr. Soon-Shiong said on 'The Daily Show' in a taped interview with the host, Jon Stewart. He did not share any details or address whether this would dilute his control over the newspaper. The 2018 purchase was carried out by Nant Capital, his private investment arm. That acquisition placed the newspaper under local ownership for the first time in nearly two decades, but his public comments in the past year and his decisions about editorial direction have stirred unrest in the newsroom. Last year, the head of the editorial board resigned after Dr. Soon-Shiong prevented the newspaper from endorsing Vice President Kamala Harris for president. Dr. Soon-Shiong said on The Daily Show on Monday that taking the company public would 'democratize' it and would allow the public to 'take ownership,' though he did not detail how that would work.
CNN
a few seconds ago
- CNN
Patrick Soon-Shiong says he will take the Los Angeles Times public
Patrick Soon-Shiong, the billionaire who purchased the Los Angeles Times for $500 million in 2018, said Monday he is taking the ailing newspaper public. Speaking on 'The Daily Show,' Soon-Shiong told host Jon Stewart the newspaper will take the company public over the course of the next year. The billionaire did not clarify when that would happen. 'We literally are going to take the LA Times public and allow it to be democratized and allow the public to have the ownership of this paper,' Soon-Shiong told Stewart. 'We think over the next year we will. I'm working through (that) with an organization that's putting that together right now.' The move follows years of trouble at the Times. In early 2024, The Times cut 20% of its workforce, approximately 115 reporters, following the departure of the paper's top editor, Kevin Merida. In October, the Times came under fire after Soon-Shiong blocked the paper's endorsement of then-Vice President Kamala Harris over Donald Trump for president, prompting the resignation of the paper's editorial board editor, Mariel Garza. Since then, the Times' entire editorial board has resigned, with the last departure coming in February. According to NPR, around 20,000 subscribers canceled their digital subscriptions. Soon-Shiong said the paper has striven 'to have voices of all.' 'Whether you're right, left, Democrat or Republican, you're an American,' he said on Monday. Over the past year, the billionaire has criticized his own paper for what he described as veering 'very left' and said he would balance the paper's editorial board with voices that 'trend right.' The paper has had high-profile missteps in its transformations, such as a briefly-introduced AI-imbued tool that sympathized with the Ku Klux Klan.
Yahoo
28 minutes ago
- Yahoo
Memphis Tigers left empty-handed after bold Big 12 proposal falls flat
The Memphis Tigers made a full-court press to join the Big 12, and they got nothing but rejection in return. Memphis tries everything, still shut out of Big 12 dreams Reports surfaced this week revealing the extent of Memphis' push to join the power conference. Their offer was aggressive: give up media rights revenue for five years, secure $200 million in sponsorships from companies like FedEx and Lowe's, and even include an exit clause allowing the Big 12 to remove them if they didn't deliver. None of it worked. The Big 12 wasn't swayed. The door remains closed, and Memphis is staying put in the American Conference. Public response gets weird After the news broke, the school's official social media account posted a photo with the American Conference's updated branding and the message: 'Proud member of the American Conference.' Proud member of the American Conference Ⓜ️#GoTigersGo | @American_Conf — Memphis Tigers (@TigersAthletics) July 21, 2025 That didn't sit well with fans. The timing came off as ironic, if not tone-deaf, given Memphis has been very publicly trying to leave the league. The post was quickly mocked and flooded with sarcastic replies. MORE: Klatt sounds the alarm; Michigan could steamroll the Big Ten in 2025 The American, for what it's worth, has tried to rebrand itself in recent months. The conference updated its name and logo and introduced a mascot named Soar the Eagle. That didn't help Memphis' optics either. Desperate? maybe, but not unprecedented While it may seem like Memphis was begging for a lifeline, similar strategies have worked before. SMU used a zero-revenue approach to gain entry into the ACC just last year. Memphis has been impressive on the field, going 21-5 across the last two seasons. But without an invite, performance isn't enough. The Tigers are still on the outside looking in. For now, they'll keep playing in the American, whether they're proud of it or not. More College Sports: Michigan State favorable schedule aid Spartans' Big Ten preseason rankings SEC drops big news on Texas QB ahead of Week 1 Syracuse Orange football will rely on 8th year senior SEC Media Days: Arch Manning ready for role as college football's top celebrity QB in 2025 Dan Orlovsky drops exact number of Big Ten football teams to make College Football Playoff
