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Los Angeles Times

Biotech billionaire buys Los Angeles Times ‘to revive fortune of the newspaper’

LOS ANGELES: Billionaire physician and investor Patrick Soon-Shiong agreed Wednesday to buy the Los Angeles Times, in a move aimed at reviving the fortunes of the newspaper amid recent turmoil. Publishing group Tronc Inc. said it reached a deal to sell the LA Times and San Diego Union-Tribune to Soon-Shiong's Nant Capital for $500 million plus the assumption of $90 million in pension liabilities. The move comes after months of newsroom unrest at the storied Los Angeles daily that has seen three editors in the past six…