The Los Angeles Times Media Group, encompassing the historic newspaper, a digital content studio, and a gaming business, announced Thursday that it plans to become a publicly traded company, offering shares to the public.
I’m really excited to hear the company is planning to raise money through a private placement – basically, they’re looking for big investors like private equity firms and institutions to come on board. And get this – after that, they’re planning a Regulation A offering, which means anyone, even regular people like me, will be able to buy shares when they list on the New York Stock Exchange! Their ticker symbol will be LAT, so keep an eye out for it.
Patrick Soon-Shiong, who leads the Los Angeles Times Media Group, announced he’s aiming to raise as much as $500 million. This investment would help the company become financially stable, with the newspaper’s reporting as its main focus.
We’re offering a private investment opportunity in Series A preferred stock. This stock pays a 7% annual interest rate and can be exchanged for common stock at a 25% discount compared to what future public investors might pay. Qualified investors can participate with a minimum investment of $5,000.
Digital Offering LLC is helping to facilitate this offering, and you can find more information at Join.LATimes.com.
According to the Securities and Exchange Commission, an ‘accredited investor’ in a Regulation A offering is generally someone with a net worth of at least $1 million (not including their home) or an annual income exceeding $200,000 for the past two years. For couples, the income requirement is $300,000.
The Los Angeles Times is combining its newspaper and online operations with several of Dr. Patrick Soon-Shiong’s companies to form the Los Angeles Times Media Group (LATMG). This new group will also include NantGames, a gaming and esports company; LA Times Studios, which produces podcasts, streaming content, and live events; and NantStudios, a digital studio specializing in video and film production.
Business
According to a company statement, the four divisions will now work together using a single platform for managing and streaming content. This change is intended to speed up the delivery of high-quality content, live events, and ways to connect with audiences.
In a recent interview, Soon-Shiong admitted the Los Angeles Times has struggled financially, but stated that the planned combination of LATMG businesses is now nearly profitable.
“We are now at a place of efficiency,” he said.
Soon-Shiong said he will not entertain offers to acquire the Los Angeles Times operations.
He explained that their family had agreed to work together to uphold the standards of the newsroom and launch this platform to reach a wider, international audience.
Similar to many traditional news organizations, the Los Angeles Times is facing financial difficulties. Fewer people are subscribing to the newspaper or seeing its ads because more readers are getting their news online.
The newspaper prints around 100,000 copies each week. It has 243,000 direct digital subscribers, which is fewer than national papers like the New York Times and the Wall Street Journal. In total, 500,000 people pay to access L.A. Times content through all its digital platforms.
It’s been really tough watching the LA Times lately. As the paper’s been facing financial difficulties, they’ve had to make some heartbreaking cuts, and just this year, over 20% of the staff were laid off. It’s a worrying time for anyone who loves local journalism and a great newspaper.
After three years of contract negotiations, members of The Los Angeles Times Guild have overwhelmingly voted – by 85% – to authorize a strike.
Matt Hamilton, chair of the L.A. Times Guild and an investigative reporter, said members are frustrated with how long negotiations have been going on, as shown by today’s vote. He urged management to offer a fair proposal that will help improve The Times.
Before the union announced plans to vote on a strike, Soon-Shiong stated that company management is regularly talking with the union and doesn’t think the lack of a finalized contract will discourage investors.
“This is a business and not a philanthropic exercise,” Soon-Shiong said.
Dr. Soon-Shiong couldn’t be reached for comment regarding the union’s vote to authorize a strike, which happened after our conversation with him.
In 2018, Patrick Soon-Shiong bought the Los Angeles Times, the San Diego Union-Tribune, and other local newspapers for $500 million. He’s since invested over $750 million in these publications.
After 18 challenging years under the ownership of Chicago company Tronc, The Times is once again locally owned. In 2023, its owner also sold the San Diego Union-Tribune to MediaNews Group.
Patrick Soon-Shiong became wealthy by creating successful companies in the pharmaceutical and biotechnology industries, particularly through advancements in cancer treatment.
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2025-10-10 01:31