Though trouble had long been brewing, the layoffs were particularly disheartening because many employees and readers hoped the Times' billionaire owner, Patrick Soon-Shiong, would stay the course in good times and bad - that he would be a steward less interested in turning a profit and more concerned with ensuring the storied publication could serve the public. According to the LA Times, Soon-Shiong explained that the cuts were necessary because the paper 'could no longer lose $30 million to $40 million a year.'
We believe it's urgently important to grow the number of outlets capable of independently resisting destructive market forces.
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