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Initial public offerings

Los Angeles Times Prepares for Initial Public Offering

Strategic Insights

— 1 min read

The Los Angeles Times, owned by billionaire Patrick Soon-Shiong, is moving forward with plans for an initial public offering (IPO) in the fall of 2026. As part of this process, the company will seek to raise up to $500 million through the sale of private shares to investors. The newspaper's owner has stated that the IPO will "democratize" the paper and has pledged to maintain its commitment to rigorous, independent journalism.

Key Takeaways:

  • The Los Angeles Times plans to raise up to $500 million through the sale of private shares to investors as part of its initial public offering.
  • The company will offer preferred stock at $5,000 a share with a 7 percent annual dividend and a 25 percent discount for conversion to common stock.
  • The Los Angeles Times will list on the New York Stock Exchange in the fall of 2026 with the ticker symbol LAT.
  • Under the ownership of Patrick Soon-Shiong, the newspaper has faced financial struggles and multiple rounds of layoffs and buyouts.
  • Dr. Soon-Shiong has become more involved in the publication's content, including its editorial pages, which were previously more liberal.
  • The Los Angeles Times Guild has authorized a strike over protracted contract negotiations.
  • The newspaper's owner has plowed over $750 million into the paper since its acquisition in 2018.

Statistics:

  • $500 million: the amount the Los Angeles Times plans to raise through the sale of private shares.
  • $5,000: the price per share of the preferred stock being offered.
  • 7 percent: the annual dividend rate for preferred stock.
  • 25 percent: the discount for conversion of preferred stock to common stock.
  • 2026: the year in which the Los Angeles Times plans to list on the New York Stock Exchange.
  • 2018: the year in which Patrick Soon-Shiong acquired the Los Angeles Times for $500 million.
  • $750 million: the amount Patrick Soon-Shiong has plowed into the newspaper since its acquisition.

Sources:

  • The New York Times: "Patrick Soon-Shiong’s Plans for The Los Angeles Times"
  • The Los Angeles Times: "Los Angeles Times Prepares for Initial Public Offering"
  • Twitter: Patrick Soon-Shiong (@PSoonShiong)

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