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  • Los Angeles Times

    Sale of LA Times to close Monday

    by Meg James, Los Angeles Times Jun 16, 2018 7 minutes

    LOS ANGELES –– Biotech billionaire Patrick Soon-Shiong Monday will take control of the Los Angeles Times and San Diego Union-Tribune, two historic newspapers rooted in Southern California civic life for more than 135 years and now must adapt for the digital age.

    Soon-Shiong is spending $500 million to acquire the Times and Union-Tribune, and Spanish-language Hoy and a few community newspapers, from Chicago-based Tronc. The deal, which was announced Feb. 7, returns the Times to local ownership after 18 turbulent years under Chicago control.

    Changes will be felt almost immediately. Soon-Shiong, who will become executive chairman of the California News Group, plans to move most of the 800 employees to El Segundo by the end of July, vacating the paper's Art Deco headquarters in downtown Los Angeles - the Times' home since 1935.

    Previous corporate owners two years ago had sold the building, and the paper's lease expires June 30. Rather than pay a substantial rent increase, Soon-Shiong decided to shift the operation to a building near Los Angeles International Airport that he bought last year. The building was gutted, and over

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