Source: LA Times
Biotech billionaire Dr. Patrick Soon-Shiong on Monday will take control of the Los Angeles Times and San Diego Union-Tribune, two historic newspapers rooted in Southern California civic life for more than 135 years — that now must adapt for the digital age.
Soon-Shiong is spending $500 million to acquire the news organizations, along with Spanish-language Hoy and a handful of community newspapers, from Chicago-based Tronc. The deal, which was announced Feb. 7, returns The Times to local ownership after 18 turbulent years under Chicago control.