In 2018, billionaire biotechnology star Patrick Soon-Shiong bought the
Los Angeles Times
with fanfare for $500 million.
Determined to make his influence prosper in California, the surgeon who made his fortune in cancer treatments promised the editorial team to return to profitability by taking on the major digital challenges.
Six years later, his bet finally turned into a real financial pit: the
New York Times
reveals that the stock loses more than 30 million dollars each year, despite tens of millions reinvested.
The layoff of 74 employees last year was not enough to cover its losses, to the point that the
Los
Angeles Times
is already considering a new cut in its workforce in January 2024.
Also read: Jeff Bezos' Washington Post sinks into crisis
The difficulties encountered by the American media prove that even the finest technological geniuses struggle to find the magic formula to monetize their audiences endlessly.
Patrick Soon-Shiong, but…
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