July 22 (Reuters) - 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.

"We're literally going to take LA Times public and allow it

to be democratized and allow the public to have ownership of

this paper," Soon-Shiong said on "The Daily Show" in a taped

interview with the host, Jon Stewart, on Monday.

The billionaire owner of the newspaper said the model would

resemble the public ownership structure of the NFL's Green Bay

Packers and that a partner organization was working on the

structure.

The effort would be led by a new diversified media company

called the L.A. Times Next Network, aimed at "rebuilding trust

in media" by combining verified information, technology, and

community participation, the newspaper said in a statement on

Tuesday.

"The Network consists of five coordinated pillars: the Los

Angeles Times; LAT Next, a curated creator platform; Nant Games,

focused on esports and civic/scientific gaming; NantStudios

Virtual Production, oKering real-time virtual production

capabilities; and L.A. Times Studios, supporting streaming, live

events, and forums," the statement added.

The initiative will pursue a novel Regulation A+ financing

structure led by investment bank Digital Offering, which the

company said would allow readers and supporters to become

shareholders.

The move follows months of turmoil at the Los Angeles Times.

Last January, the paper laid off at least 115 staff, or more

than 20% of its newsroom, amid continued financial losses and

leadership exits, including Executive Editor Kevin Merida and

Managing Editor Sara Yasin. At the time, Soon-Shiong said the

paper was losing $30 million to $40 million annually.

The paper's editorials editor also resigned last year after

Soon-Shiong reportedly blocked a planned endorsement of

then-Vice President Kamala Harris, triggering subscriber

backlash.

Soon-Shiong, who is also the founder of ImmunityBio ( IBRX )

, bought the LA Times along with other newspapers in

2018 for $500 million from Tronc.