The news business faces a reckoning in 2024

A new report saying billionaire Patrick Soon-Shiong has sunk hundreds of millions of his own money into an unprofitable Los Angeles Times underscores how desperate the news industry is to chart a plan for survival in the digital era.

Why it matters: If billionaire owners can't make the L.A. Times or the Washington Post profitable, then the news industry has to ask itself: What can?

Driving the news: A former top editor estimates the L.A. Times is losing $50 million a year, The Wrap reports.

Soon-Shiong has said in meetings...