The Los Angeles Times is being sold to one of its leading shareholders for an eye-watering $500 million
The publishing company, Tronc, said that it would sell the title, along with the San Diego Union-Tribune and several smaller California newspapers, to Patrick Soon-Shiong.
Not unlike many traditional papers, the LA Times is battling to find a workable business model at a time when digital news outlets are sucking in advertising cash and luring away readers.
65-year-old Dr Soon-Shiong is a South African-born surgeon-turned-entrepreneur known as “America’s richest doctor.” He made his fortune, estimated by Bloomberg at $8.6 billion, by launching and then selling two biotech companies.
Dr Soon-Shiong is the latest in a string of ultra-wealthy US business leaders to make a purchase of print papers. Jeff Bezos, chief executive of Amazon, paid $250 million in cash for the Washington Post in 2013. John Henry, main owner of the Boston Red Sox baseball team and Liverpool Football Club, also paid $70 million for The Boston Globe in 2013.