The Los Angeles Times newspaper plans to go public within the next year, its owner Patrick Soon-Shiong said in a television interview, aiming to give the public ownership of the 143-year-old publication.

The Southern California newspaper is owned by biotech billionaire Patrick Soon-Shiong. The Los Angeles Times newspaper plans to go public within the next year, its owner Patrick Soon-Shiong said in a television interview on Monday, in an effort to give the public ownership of the 143-year-old publication.

The announcement that billionaire Patrick Soon-Shiong plans to take the Los Angeles Times public was met with a mix of panic and derision inside the building this week. But outside, astute investors point to another media public offering that serves as an appropriate parallel: Newsmax.