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    Billionaire Patrick Soon-Shiong reaches deal to buy LA Times and San Diego Union-Tribune

    by Meg James and James Rufus Koren, Los Angeles Times Feb 07, 2018 6 minutes

    LOS ANGELES - 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, the San Diego Union-Tribune and the Spanish-language Hoy to Soon-Shiong's investment firm Nant Capital for $500 million in cash. In addition to the purchase price, the deal includes the assumption of $90 million in pension liabilities.

    "We look forward to continuing the great tradition of award-winning journalism carried out by the reporters and editors of the Los Angeles Times, the San Diego Union-Tribune and the other California News Group titles," Soon-Shiong said in a statement.

    Tronc also announced that it will form a new division called Tribune Interactive, which will be led by Los Angeles Times Publisher Ross Levinsohn. The company said that an independent investigation into allegations of sexual harassment at previous companies found "no wrongdoing" by

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