In a move that’s raised eyebrows, Los Angeles Times owner Patrick Soon-Shiong revealed on The Daily Show, not exactly the traditional forum for major business news, that he plans to take the 143-year-old newspaper public within a year.
Soon-Shiong, a billionaire biotech entrepreneur, told Jon Stewart that the public would be able to buy into the LA Times, comparing it to the community ownership model of the Green Bay Packers.
The timing is notable, coming after months of layoffs, executive departures, and financial losses reportedly topping $30 to $40 million a year.
The paper has been through plenty of drama lately, including a spat over political endorsements.
No word yet on the exact details, but it’s certainly not your average IPO pitch.