Tronc Inc, the owner of the Los Angeles Times, is expected to announce a sale of the newspaper to billionaire biotech investor Patrick Soon-Shiong, a source familiar with the matter said. The Times called the purchase of both newspapers a almost $500 million deal.
The Los Angeles Times said Soon-Shiong was also in talks to buy the tronc-owned San Diego Union-Tribune.
Photo Patrick Soon-Shiong is a major shareholder in The Los Angeles Times's parent company, Tronc. A representative for Soon-Shiong told The Post he was traveling and unavailable for comment on the report.
At The Los Angeles Times, where months of tense back and forth between management and staff have resulted in unionization and leadership shakeups, employees seemed mostly excited about the news.
Diane Haithman is a reporter at sister paper Los Angeles Business Journal, where a version of this article first appeared. On Jan. 19, Times Publisher and Chief Executive Ross Levinsohn was placed on leave following allegations of sexual harassment in the past.
Photo The Los Angeles Times has in the previous year dealt with a successful unionization vote, a leave of absence for its publisher and a swelling sense of mistrust in its newsroom.