The announcement that billionaire Patrick Soon-Shiong plans to take the Los Angeles Times public was met with a mix of panic and derision inside the building this week. But outside, astute investors point to another media public offering that serves as an appropriate parallel: Newsmax.

Shiong, the billionaire owner of the Los Angeles Times since 2018, says he intends to take the newspaper public in the coming year.

In an interview with Jon Stewart of The Daily Show, LA Times owner Dr. Patrick Soon-Shiong announced that the paper would be going public within the next year.