Tronc to sell Los Angeles Times
(Reuters) - Tronc Inc (TRNC.O), the owner of the Los Angeles Times, is expected to announce a sale of the newspaper to billionaire biotech investor Patrick Soon-Shiong, a source familiar with the matter said.
Soon-Shiong, a major shareholder in Tronc and chief executive of NantHealth Inc (NH.O), will also buy the Times’ sister newspaper, the San Diego Union-Tribune, the source said.
The Times, acquired by Tronc’s predecessor Tribune Co in 2000, has undergone several management changes and rounds of layoffs, reflecting a struggle by newspapers in general to adapt to digital media.
The newspaper's publisher and CEO, Ross Levinsohn, agreed to take an unpaid leave of absence last month following disclosure of sexual harassment allegations against him while he worked at other companies. (bit.ly/2DWOS0o)
Read more: https://www.reuters.com/article/us-tronc-deals/tronc-to-sell-los-angeles-times-source-idUSKBN1FQ381
