Tronc is getting a big premium for its flagship asset, and the Times is getting a return to private, local ownership. But a lot of questions remain about where Patrick Soon-Shiong will take his new prize.
Biotech billionaire Patrick Soon-Shiong has agreed to purchase the Los Angeles Times from its parent company Tronc, restoring local ownership and perhaps ending a turbulent period for the storied 136-year-old institution. Chicago-based Tronc on Wednesday announced the sale of The Times and the San Diego Union-Tribune to Soon-Shiong’s investment firm Nant Capital for nearly $500 million in cash. In addition to the purchase price, the deal includes the assumption of $90 million in pension liabilities.