When the legendary journalist David Halberstam wrote his landmark 1979 book about American journalism, The Powers That Be, he focused on four media organizations: the Washington Post, Time magazine, CBS and the Los Angeles Times.

His choice of the LA newspaper made perfect sense. Influential and successful, it was owned by a prominent California family, the Chandlers. The paper had high standards, a raft of Pulitzer prizes, and a hard-charging Washington DC bureau that competed successfully with its east coast rivals. For reporters and editors, the LA Times was a prestigious career destination; if you got there, you probably stayed.

Nearly 50 years later, the Los Angeles Times is much smaller in staff size and circulation size and is losing tens of millions of dollars a year. The beleaguered staff was rocked – again – in recent weeks with the news that the owner, the billionaire Patrick Soon-Shiong, wants to take the newspaper public in the next year. This would, he said, “democratize” it.

He offered few details, though, as he made the announcement on a late-night talkshow during an interview with host Jon Stewart, who was roundly criticized for his softball approach.

Certainly, the paper has been through hell over the decades. It endured many years of owners far........

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