California paper takeover

Central Station | 8 Feb 2018

California's largest newspaper, The Los Angeles Times, may soon be sold by news company Tronc to pharmaceutical billionaire Patrick Soon-Shiong, according to a Washington Post report.

A sale transaction was "close," the Times also reported.

Part of the deal is Soon-Shiong's acquisition of a second newspaper, the San Diego Union-Tribune.

If the sale pushes through, The Los Angeles Times will have local ownership for the first time since its parent was sold in 2000 by the Chandler familty to Tribune Co.

Born in South Africa to parents of Chinese descent, Soon-Shiong, 63, earned a reputation for his high-profile crusade to fight cancer.

He amassed his fortune via a successful cancer drug, Abraxane, and a pair of pharmaceutical firms.

He recently expanded his assets to include management over seven hospitals, two public companies, and a stake of the Los Angeles Lakers.

After growing up in South Africa, he moved to British Columbia and later to Los Angeles to pursue a career as a surgeon.

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