The Los Angeles Times will begin selling shares to certain investors as it moves closer to an initial public offering, its owner, billionaire Patrick Soon-Shiong, said Thursday.

The company announced a so-called private placement seeking to raise up to $500 million for the newly created Los Angeles Times Media Group, which includes the newspaper as well as LA Times Studios and two of Soon-Shiong's other businesses: the virtual production company NantStudios and the gaming and esports studio NantGames.

According to its investor website, the company is offering investors and funds preferred stock at $5,000 a share that would pay a 7% annual dividend and a 25% discount for conversion to common stock. The company plans to do a public listing on the New York Stock Exchange in the fall of 2026

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