After years of declining readership and endless newsroom cuts, the new owner of the Los Angeles Times is setting a high target in his effort to turn the company around.
Biotech billionaire Patrick Soon-Shiong, who acquired the long-struggling paper in June from Tribune Publishing Co. for $500 million, said the Times needed to build its digital-subscriber base to five million paying customers.
There’s a special place in hell for this man. He doesn’t need more money, but he buys the generic competition to his cancer drug to keep it from being released to those who need it. I’ll never read the LA Times again as long as it’s his. Brilliant mind wasted on greed.
Reminds me of Sam Zell's misguided attempt to transform the Tribune company, which included the LA Times, into a profitable enterprise. Good luck with that.
WSJ only has $1.6 million digital subscribers how is he going to get 5 million ? I have to screen shot an article 3 times to read a dam wsj article. journalism should be open source like facebook and have ads as revenue. They are profitable.
It is shocking that the LA TIMES doesn't already have 5 million digital subscribers. The reason is that they allowed traditional print media leadership to dominate the ranks for far too long, taking huge losses while every other industry and print media player transitioned.
He better start laying-off democrats if he really wants to make it viable.
doesn’t have anywhere near enough money then
PDPJ I am not a subscriber to the WSJ so I can't read the article. The headline seems like positive news for the L.A. Times. What are your thoughts?
Good for him! ... however who the hell sold him this misjudged concept? ... There is always one sucker in the newspaper business ....
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