Economy

LA Instances to Be Offered to Billionaire Doctor — WashPost

LA Instances to Be Offered to Billionaire Doctor — WashPost”

Now, their white knight may have arrived.

On Wednesday, Chicago-based Tronc announced the sale of The Times and the San Diego Union-Tribune to Soon-Shiong's investment firm Nant Capital for almost $500 million in cash. Tronc, whose name is short for "Tribune online content", had fended off previous efforts to buy the company outright or peel off the California newspapers. But within a matter of months, Ferro and Soon-Shiong became locked in a bitter race to buy up shares and assume control of the paper.

Representatives for Ferro and Soon-Shiong were not immediately available for comment. Currently, about 400 journalists remain employed, the Post reports. There have been calls for a return to local ownership among Times staffers and community leaders throughout the past 18 years.

People walk by the Los Angeles Times building in Los Angeles, California Tuesday.

Meanwhile, Ross Levinsohn, who was named publisher of the Times in August, was put on leave last month after the disclosure of sexual harassment allegations against him while he worked at other companies. Their main concern is the company's plans to establish a network of non-staff contributors to produce stories. A so-called "philanthropist" with self-dealing tendencies, Soon-Shiong reportedly met several times with President Trump and was campaigning for the position of national "health czar".

More news: More than 2000 adult white sharks living off Australia's coast

Readers of The San Diego Union-Tribune hope for best as new owner is set to acquire the newspaper.

"I have the greatest respect for the role of a free press in our society", said Chris Brewster, a retired San Diego lifeguard chief and longtime reader.

Most recently, it won the 2016 prize for breaking news reporting for its coverage of the San Bernardino terrorist attack on a Christmas party and the ensuing pursuit of the husband and wife mass shooters.

Soon-Shiong is a major shareholder of Tronc.

Douglas Manchester bought the paper for $110 million in 2012 and three years later sold the company's Mission Valley buildings to local developers for $50 million, and the publishing business for $85 million to Tribune. This acquisition comes after many conflict-filled years at the downtown office, including going through five different publishers in just four years and the recent historic vote to unionize by their employees.



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