Billionaire Los Angeles Times owner Dr. Patrick Soon-Shiong announced on Monday that he would be taking the newspaper public sometime in the next year, calling it a move to democratize the paper.

Patrick Soon-Shiong will retain a substantial portion of the Los Angeles Times in his planned public sale, which will be limited to $75 million after it's combined with some of his other media ventures,

Shiong, the owner of the Los Angeles Times, said that he plans to take the publication public. In an appearance on The Daily Show on Monday, Soon-Shiong told host Jon Stewart that “we are literally going to take the L.