L.A. Times sale to billionaire being negotiated
Los Angeles – The Los Angeles Times is reporting its parent company is in talks to be sold to local billionaire physician Patrick Soon-Shiong.
The Washington Post first reported Tuesday that the sale was being negotiated by Tronc Inc. The Times then reported that the price was $500 million and would include the San Diego Union-Tribune.
Chicago-based Tronc, formerly Tribune Publishing, owns 10 U.S. newspapers.
Soon-Shiong is a medical entrepreneur who operates under the umbrella organization NantWorks.
The Times has had a series of publishers and top editors in recent years and frustrated journalists voted last month to unionize.
Times publisher Ross Levinsohn is on unpaid leave after revelations he was a defendant in two sexual harassment lawsuits prior to joining the Times last year.
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