Patrick Soon-Shiong, owner of the LA Times, announced plans to take the paper public to allow for democratized ownership. This announcement was made during an episode of "The Daily Show" and aims to give the public a stake in the newspaper. Soon-Shiong, who acquired the paper in 2018 through Nant Capital, emphasized the importance of the press in his own life, particularly from his upbringing in South Africa. The IPO is expected to happen within the next year, aligning the LA Times with other public news organizations.
As I grew up in South Africa, the only thing that inspired me and kept me alive was the newspaper. The opportunity for me, working on cancer and healing, hopefully curing cancer...
I'm going to announce something with you tonight, is that we're going to take LA Times public and allow it to be democratized, and allow the public to have the ownership.
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