All articles tagged with #patrick soon shiong
Originally Published 5 months ago — by Bloomberg
Billionaire Patrick Soon-Shiong plans to take the Los Angeles Times public within the next year, aiming to democratize ownership and restore trust in journalism amid ongoing financial struggles and staff conflicts.
Originally Published 5 months ago — by Variety
The Los Angeles Times will become a publicly traded company, announced by owner Patrick Soon-Shiong, aiming to democratize ownership and rebuild trust in media, with the transition expected over the next year.
Originally Published 1 year ago — by The Guardian
Patrick Soon-Shiong, owner of the Los Angeles Times, plans to introduce an AI-powered 'bias meter' to assess the bias of article sources, aiming to provide balanced perspectives. This move follows controversies under his ownership, including blocking the endorsement of Kamala Harris, which led to staff resignations and subscriber cancellations. Soon-Shiong's initiative has faced criticism from the LA Times staff union, which defends their adherence to ethical journalism standards. The bias meter is part of his broader effort to include more conservative voices in the paper's opinion section.
Originally Published 1 year ago — by Hollywood Reporter
Los Angeles Times owner Patrick Soon-Shiong engaged in last-minute discussions to buy The Messenger from founder Jimmy Finkelstein, following the L.A. Times' recent layoffs. Soon-Shiong reportedly made a "lowball" offer, which ultimately fell through, and The Messenger was subsequently shut down with 300 employees let go. The talks were described as a desperate attempt by Finkelstein to save the struggling publication, while the L.A. Times is also facing economic challenges and leadership changes.
Originally Published 1 year ago — by Los Angeles Times
Los Angeles Times owner Dr. Patrick Soon-Shiong has appointed Terry Tang as the paper’s interim executive editor, making her the first female editor in its 142-year history. The move comes amid substantial layoffs, a one-day strike, and the departure of three top editors. Soon-Shiong expressed commitment to important public service journalism and new editorial leadership, praising Tang's leadership in the Opinion section. Tang, who has a background at the New York Times and the American Civil Liberties Union, will appoint a managing editor to oversee the newsroom's day-to-day operations.
Originally Published 1 year ago — by The New York Times
The Los Angeles Times announced it will lay off about 115 journalists, reducing its newsroom by over 20% as the paper faces significant financial challenges, with losses of $30 million to $40 million a year. The cuts come after the departure of top editors and a strike by workers. The billionaire owner, Patrick Soon-Shiong, emphasized the need to build a larger audience and stated that the paper had not done layoffs in the first years of the pandemic. The layoffs affect various departments, including the business desk and Washington bureau, and come after negotiations between the union and Times management.
Originally Published 2 years ago — by Fox Business
Los Angeles Times Executive Editor Kevin Merida is stepping down after less than three years, citing career considerations and the need to be of value to the journalism profession. The departure comes as the newspaper faces challenges, including falling short of its digital subscriber goal. The Times, owned by Patrick and Michele Soon-Shiong, won three Pulitzer Prizes under Merida's leadership. Soon-Shiong stated the need to build a sustainable business for growth and innovation, and the LA Times Guild expressed support for finding a successor with vision and clarity for the future.
Originally Published 2 years ago — by Business Insider
Los Angeles Times owner Patrick Soon-Shiong is facing challenges as the newspaper continues to lose money, prompting the departure of its top editor and potential cost-cutting measures. This reflects a broader trend of billionaire owners struggling to sustain newspapers in the digital age, as seen with Jeff Bezos's Washington Post and Warren Buffett's divestment from newspapers. The future of newspapers may lie in nonprofit models like The Texas Tribune, as traditional ownership struggles to keep the industry afloat.
Originally Published 2 years ago — by Los Angeles Times
Los Angeles Times Executive Editor Kevin Merida is stepping down after 2½ years, leaving the newsroom under strain and presenting a challenge to the paper’s owner, Dr. Patrick Soon-Shiong, who must find a new top editor. The Times has fallen short of its digital subscriber goals and needs a revenue boost. Merida's departure comes after a rocky year and a devastating round of layoffs last summer, with the newsroom union growing more restive after going more than a year without a contract.
Originally Published 2 years ago — by Los Angeles Times
Patrick Soon-Shiong and his family have sold the San Diego Union-Tribune to MediaNews Group, leaving the family with only the Los Angeles Times as their remaining news organization. The sale comes as the newspaper industry faces challenges from subscriber losses and advertising revenue shortfalls, exacerbated by the COVID-19 pandemic. MediaNews Group, owned by Alden Global Capital, announced staff reductions following the acquisition. The Soon-Shiong family remains committed to the Los Angeles Times and aims to transform it into a self-sustaining institution.