Another billionaire is having a hard time with his newspaper.
That's because the LA Times is owned by billionaire Patrick Soon-Shiong, and it is losing money; even though Soon-Shiong is a billionaire, even billionaires have limits.
Asked for comment, an LA Times spokesperson said that company leaders "don't generally make forward-looking statements about staffing levels and aren't able to comment further at this time."
In 2021, The Wall Street Journal reported that Soon-Shiong was considering selling the LA Times itself , but Soon-Shiong said that was not the case.
Last fall, for instance, The Washington Post — owned by Amazon founder Jeff Bezos — one of the richest men in the world — underwent giant staff cuts .
Persons:
Patrick Soon, Jeff Bezos's Washington, Warren Buffett, —, Kevin Merida, Patrick, Shiong Axelle, Bauer, Griffin, It's, Shiong, doesn't, Jeff Bezos —, Warren Buffett —
Organizations:
Los Angeles Times, Jeff Bezos's Washington Post, Service, LA Times, LA, San Diego Union, Tribune, Street Journal, Washington Post, Amazon, Omaha, Alden Global Capital
Locations:
Merida, San Diego, Berkshire