Billionaire investor and doctor Patrick Soon-Shiong will buy the Los Angeles Times with the intention of reviving the newspaper’s golden age, in deep turmoil, a statement said on Wednesday.
Publisher group Tronc Inc. said it reached an agreement to sell the LA Times and the Sand Diego Union-Tribune to Soon-Shiong Nant Capital for $500 million, plus $90 million in pension liabilities.
The operation comes after hectic months in the writing of the famous newspaper of Los Angeles, which in six months has seen three editors and a vote to syndicate journalists.
“We are pleased to move the leadership of the Los Angeles Times and The San Diego Union-Tribune to a local owner, and we are confident that journalistic excellence in Southern California will continue in the future,” said Justin Dearborn, executive director of Tronc, the name adopted for the group formerly known as Tribune Publishing.
Soon-Shiong, a surgeon from South Africa whose investments in biotechnology have reported nearly $ 7,800 million, said in a statement: “We hope to continue the great tradition of journalism carried out by journalists and editors of the Los Angeles Times, The San Diego Union-Tribune and the other California News Group titles.”
The Los Angeles Times, like other newspapers, has reduced its workforce as readers migrate from the print to the digital platform.