The Los Angeles Times Media Group, the paper’s new parent company as it seeks to go public, told potential investors that it lost nearly $50 million in 2024 as it urges them to invest up to $500 million to help take the company public.
The group — which includes the Los Angeles Times, the production division LA Times Studios, the gaming company Nant Games and production company Nant Studios — disclosed in a pitch deck to investors it incurred $41.8 million in operating losses in 2024, or a total net loss of $48.1 million before taxes, up from a reported $30 million in 2023. In the first six months of 2025, it lost $17.3 million, or a total net loss before taxes of $21.5 million.
“We have incurred operating losses in the past, may incur operating losses in the future, and may not achieve or maintain profitability in the future,” it told investors.
The losses come as the paper has faced multiple rounds of layoffs, a subscriber exodus, union battles and various staff departures as owner Dr. Patrick Soon-Shiong tipped his hat toward conservatives as he remakes the paper.
It also said the paper may not see any level of profitability with the investment — and may seek out more money to try and meet its goals.
“We have incurred significant losses, and we may continue to incur losses in the future,” it wrote to investors. “We may continue to incur operating
losses in the future as we execute our growth strategy. The likelihood that we will generate net income in the future must be considered in light of the difficulties facing the content publication industry as a whole, economic conditions and the competitive environment in which we operate.”
Soon-Shiong revealed his plans to raise the money last week, starting with two investment rounds. The initial private placement round would make shares available at a preferred rate — as little as $5,000 — to accredited investors with a 7% annual interest rate, and those shares could become a regular share for a 25% discount once they’re available to the public.
Soon-Shiong told the paper last week that the combined company was at “a place of efficiency” and close to breaking even. He also said he would not sell the paper individually, committing to “support and maintain the integrity of the whole newsroom together with activating this platform so we can engage with a broader global audience.”
Print revenue made up more than half — 54% — of the company’s revenue in 2024, it told investors, with print circulation totalling $92.8 million and print advertising making up $35.6 million. That percentage fell to 44% in the first six months of 2025.
