Similar Stories to Los Angeles Times Sold To Local Billionaire For $500 Million on Bing News

By BRIAN MELLEY, Associated Press, Seattle Post-Intelligencer: Business
Wed, 02/07/2018 - 10:09am

LOS ANGELES (AP) — The Los Angeles Times is being sold to a local billionaire for $500 million, ending its strained tenure under the owner of the Chicago Tribune. Dr. Patrick Soon-Shiong is a major shareholder of Chicago's Tronc Inc., one of the richest men in Los Angeles and, according to Forbes, the nation's wealthiest doctor, with a net worth of $7.8 billion. The deal includes The San Diego Union-Tribune, various titles in the California News Group and the assumption of $90 million in pension liabilities. The announcement Wednesday means that for the first time in 18 years the Times will be under local ownership. Soon-Shiong takes over in a time of turmoil at the paper.

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