Cultist Owner Leads Los Angeles Times To $50M Loss

The Daily Beast reports:

The Los Angeles Times lost roughly $50 million last year, according to AdWeek, as its right-leaning billionaire owner Dr. Patrick Soon-Shiong takes a bludgeon to the paper’s operations.

L.A. Times Studios President Anna Magzanyan’s disclosure to staff comes after Soon-Shiong has tried to remake the paper he purchased in 2018 into one less focused on politics—or critical of Donald Trump.

Soon-Shiong blocked the paper’s endorsement of Kamala Harris last year, and he has since added a AI-powered “bias meter” that reveals opinion columns’ political tone. He has also explored partnering with conservative podcaster and conspiracy theorist Candace Owens for his upcoming “LAT Next” venture.

Read the full article. The AdWeek report is behind a paywall.

EXCLUSIVE: The Los Angeles Times lost around $50 million in 2024.

In recent months, it has also lost ~25,000 paying subscribers, as well as advertising business from partners like Netflix—in part because of the changes made to the publisher by its billionaire owner. pic.twitter.com/WPtKTNFaUw

— Mark Stenberg (@MarkStenberg3) April 29, 2025