Owner may sell Los Angeles Times to billionaire

LOS ANGELES — The owner of the Los Angeles Times is in talks to sell the newspaper to a billionaire medical entrepreneur.

Dr. Patrick Soon-Shiong, a major shareholder of parent company Tronc Inc., would pay $500 million for the newspaper and the San Diego Union-Tribune, a person with knowledge of the deal told The Associated Press after word of the sale was first reported by The Washington Post and Times.

The person, who spoke on condition of anonymity because the sale hadn’t been finalized, said the deal was coming together quickly, but cautioned it could still fall apart.

The sale would come amid turmoil at the Times, which has had a series of publishers and top editors in recent years. Publisher Ross Levinsohn is on unpaid leave after revelations he was a defendant in two sexual harassment lawsuits at other companies. Journalists voted last month to unionize for the first time in the paper’s 136-year history.

Soon-Shiong (soon-shong), said by Forbes to be the nation’s richest doctor, made the bulk of his fortune selling two of the drug companies that he founded for a total of nearly $9 billion a decade ago. Forbes put his current wealth at $7.8 billion.

Soon-Shiong is currently working on a cure for cancer.

He owns more than a quarter of shares in Chicago-based Tronc, the company formerly known as Tribune Publishing. It owns 10 U.S. newspapers, including the Chicago Tribune, Baltimore Sun and New York Daily News.

Tronc did not issue any public statement about the deal and a spokeswoman for Soon-Shiong did not immediately respond to a request for comment.

Word of the possible sale was met with cheers at the Times, according to reporters tweeting from the newsroom.

Soon-Shiong’s holdings include not only his Tronc stock but also a minority interest in the Los Angeles Lakers that he purchased in 2011 from Magic Johnson, the team’s former superstar and current president of basketball operations.

In an interview with the Times last year, Soon-Shiong declined to say if he planned to buy the newspaper, although he acknowledged that as a major stockholder he was unhappy with the way it was being run and felt a need to ensure its survival.

“I am concerned there are other agendas, independent of the newspaper’s needs or the fiduciary obligations to the viability of the organization,” he said at the time. “My goal is to try and preserve the integrity and the viability of the newspaper.”

If approved, the sale would come about a week after veteran Chicago journalist Jim Kirk was named editor in chief to replace Lewis D’Vorkin, whose short tenure was marked by clashes with staff.

Kirk, 52, became the third top editor at the Times in less than six months. He had briefly served in the job on an interim basis during a management overhaul from August until November, when D’Vorkin joined the paper.

Reporters at the Times have become alarmed by recent hiring of several news executives who reported to business executives — not to editors in the newsroom.

Those hires sparked fears that the business side would wield undue influence in editorial matters. Traditionally, the editorial and business sides of a paper work separately to maintain journalistic credibility.

ad-high_impact_4
News
Protesters Line Streets for President Trump's Arrival in Las Vegas
Hundreds lined the streets in front of Suncoast to protest President Donald Trump's arrival in Las Vegas. (Madelyn Reese/ Las Vegas Review-Journal)
Thunder Mountain monument stands as a tribute to Native American culture
Caretaker Fred Lewis talks about Thunder Mountain monument in central Nevada, made from concrete and found items. The five-acre site is a tribute to Native Peoples of the West. (K.M. Cannon/Las Vegas Review-Journal)
New CCSD superintendent Jesus F. Jara aims for 1st in the nation
On his third day as Clark County School District superintendent, Jesus F. Jara talks about his vision for the future during a visit to Del Sol Academy of the Performing Arts on Thursday, June 21, 2018, in Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Ceremony Recognizes Refugee Students, Graduates
Rosy Mibulano, a graduate of Las Vegas High School who came to America from the Congo in 2015, was recognized in a ceremony for refugee students in Clark County. Like many other students relocated to Las Vegas from countries around the world, Rosy had a challenging high school experience, from learning English to adjusting to American customs and taking care of her family. On top of that, she wants to go to school to become a nurse so she can take care of her mother, who suffers from diabetes. The annual Refugee Recognition Ceremony celebrates the enormous lengths these young adults go through to create a new life for themselves. (Madelyn Reese/Las Vegas Review-Journal)
Paul McCartney is worth over $1 billion
Sir Paul McCartney is one of the most celebrated and accomplished musicians in history. He just turned 76 on June 18. McCartney grew to international fame with the Beatles and went on to become a wildly successful solo musician. Paul McCartney’s net worth is estimated at $1.2 billion, according to Celebrity Net Worth. In 2017, McCartney landed the No. 13 spot on Forbes’ list of the world’s highest-paid musicians, earning $54 million for the year. On Thursday, June 20, McCartney will release a double A-side single featuring two new songs, "I Don't Know" and "Come On to Me." McCartney has yet to announce a title of his new album or when it will be released. Th album is expected to be released before he headlines the Austin City Limits Music fest in October.
Water leak at Mandalay Bay convention center
The convention center area of Mandalay Bay in Las Vegas experienced major flooding Tuesday afternoon. Credit: Melinda Cook
Hollywood Memorabilia Up For Grabs at Las Vegas Auction
Elvis Presley's car, Marilyn Monroe's bras, Han Solo's blaster, and Jerry Lewis's "Nutty Professor" suit are just some of the items that are up for auction at Julien's Auctions at Planet Hollywood June 22 and 23. The auction's viewing room at Planet Hollywood is open to the public 11 a.m. to 6 p.m. daily through Saturday at Planet Hollywood. (Madelyn Reese/Las Vegas Review-Journal)
Indoor farming in Southern Nevada
Experts discuss Nevada's indoor farming industry. (Bailey Schulz/Las Vegas Review-Journal)
Former Fontainebleau could have become a Waldorf Astoria
Months after developer Steve Witkoff bought the Fontainebleau last summer, he unveiled plans to turn the mothballed hotel into a Marriott-managed resort called The Drew. But if Richard “Boz” Bosworth’s plans didn’t fall through, the north Las Vegas Strip tower could have become a Waldorf Astoria with several floors of timeshare units. (Eli Segall/Las Vegas Review-Journal)
New Springs Preserve Exhibit Shows Off "Nature's Ninjas"
"Nature's Ninjas" arrives at the Springs Preserve, in an exhibit and live show featuring critters that come with natural defenses, from armadillos to snakes, poison dart frogs to scorpions and tarantulas (Madelyn Reese/Las Vegas Review-Journal)
CrossRoads of Southern Nevada psychiatric urgent care to open in Las Vegas
Jeff Iverson, who operates the nonprofit sober living facility Freedom House, is opening a private addiction treatment center that will operate a detoxification center and transitional living for substance users trying to recover. (K.M. Cannon/Las Vegas Review-Journal)
Metro Capt. Jaime Prosser gives update of officer-involved shooting
Metro Capt. Jaime Prosser provides an update about an officer-involved shooting at Radwick Drive and Owens Avenue in the northeast Las Vegas on Thursday. A robbery suspect was shot and killed. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye
Wayne Newton surprises burglars
Wayne Newton and his wife, Kathleen, arrived at their southeast Las Vegas home shortly before midnight on Wednesday to find two burglars inside their house. The burglars fled and were seen heading north through the property. Las Vegas police quickly set up a perimeter and launched an extensive search of the area, but the suspects were able to escape. It was unclear if the burglars got away with anything of value. Several items, under the watchful eyes of the police, were seen on the ground near the home's main driveway. Neither Newton, nor his wife, were injured. The Newtons were not available for comment.
Police Officers Turn Off Body Cameras
In four separate body camera videos from the Route 91 Harvest festival shooting released Wednesday, officers in a strike team are instructed to turn their body cameras off and comply with the request.
Debra Saunders reports from Singapore
Las Vegas Review-Journal White House correspondent talks about the historic summit between President Donald Trump and North Korea's leader Kim Jong Un.
How long will North Korea's denuclearization take?
In Singapore, Las Vegas Review-Journal White House correspondent Debra Saunders asks President Donald Trump how long North Korea's denuclearization will take. White House video.
LVCVA purchase of gift cards hidden
A former LVCVA executive hid the purchase of $90,000 in Southwest Airlines gift cards in records at the agency. Brig Lawson, the senior director of business partnerships, said the money was for promotional events and did not disclose that it was for gift cards. Lawson also instructed Southwest employees to submit invoices without mentioning the purchases were for the cards. More than $50,000 of the cards cannot be accounted for. The convention authority is publicly funded . Lawson recently resigned.
Kim Jong Un visits Marina Bay Sands in Singapore
North Korean leader Kim Jong Un and his entourage visited the Marina Bay Sands in Singapore briefly Monday night, local time. (Video by Philip Chope)
Coca-Cola Bottle Purse Has 9,888 Diamonds
Designer Kathrine Baumann and jeweler Aaron Shum set the Guinness World Record for most diamonds (9,888) set on a handbag. The Coca Cola bottle-shaped purse was on display at the Coca Cola Store on the Strip. (Madelyn Reese/Las Vegas Review-Journal)
Sentosa Island a pleasure resort with a pirate past
The site of Tuesday's U.S.-North Korea summit is known for theme parks and resorts. But before that, it was known as a pirate island. (Debra Saunders/Las Vegas Review-Journal)
Judge Sandra Pomrenze's comment about girl's hair
Nevada Races Full of Women From Both Sides
It's already been a historic election season for women in politics. Record numbers of women are running for political office all over the country - including Nevada. (Madelyn Reese/ Las Vegas Review-Journal) @MadelynGReese
East Las Vegas home damaged by fire
Clark County Fire Department crews responded to a house fire in east Las Vegas Thursday morning. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye
911 call: Mom tries to get to son shot at Route 91
A woman stuck on the interstate during the Route 91 Harvest festival shooting on Oct. 1, 2017, in Las Vegas, tries to get to her son. 911 call released by Las Vegas police.
Las Vegas 911 caller reports people shot on Oct. 1
A 911 caller on Oct. 1, 2017, reports several people shot at the Route 91 Harvest festival in Las Vegas.
911 call from woman under stage in Las Vegas shooting
A 911 call from a woman underneath the stage at the Route 91 Harvest festival during the Oct. 1, 2017, Las Vegas shooting.
LVCVA facing scandal over gift cards
LVCVA is facing a growing scandal over airline gift cards. LVCVA bought $90,000 in Southwest Airline gift cards between 2012 and 2017. Now auditors can’t account for more than $50,000 of the cards. CEO Rossi Ralenkotter and his family used $16,207 in gift cards on 56 trips. Brig Lawson, the senior director of business partnerships, was responsible for buying and distributing the cards. He recently resigned.
Siblings separated in the foster care system get a day together
St. Jude's Ranch for Children and Cowabunga Bay Cares program partnered to bring 75 siblings together for the day to play on the water slides and in the pools at the Henderson water park. (K.M. Cannon/Las Vegas Review-Journal)
People flee the Route 91 Harvest festival on Oct. 1, 2017
Las Vegas police released footage from a camera on Mandalay Bay of the Route 91 Harvest festival on Oct. 1, 2017
Aaliyah Inghram awarded medal of courage
Aaliyah Inghram, a 10-year-old girl who was shot while protecting her 18-month-old brother and 4-year-old cousin during a shooting on May 8, awarded medal of courage. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
TOP NEWS
News Headlines
Home Front Page Footer Listing
Circular
You May Like

You May Like