American billionaire Patrick Sunxun plans to make his newspaper Los Angeles Times a public company.
“We will make The LA Times public and allow it to become more democratic, allow the public to own the newspaper“, Sunxun said on The Daily Show. He has controlled the publication through his company Nant Capital since 2018.
This will allow the publication to become the “voice of the entire community“, regardless of political preferences. He specified that shareholders will be able to participate in the management of the publication. Sun Hsiu-sun specified that preparations for the transformation of the legal entity are already underway, and the entire process could take about a year.
The Los Angeles Times is one of the ten largest newspapers in the United States. The number of online subscribers to the publication is estimated at about 250,000, and its website is visited monthly by over 40 million unique users.
Over its almost 150-year history, the newspaper has repeatedly won the prestigious “Pulitzer“ Prize. However, according to American media, the publication remains unprofitable and continues to lose subscribers. Thus, by the end of 2024, the newspaper lost 23,000 subscribers, which the media explains, among other things, with Sun Hsiu-sun's decision to abandon the tradition of publicly supporting the presidential candidate in the elections of the same year.