Billionaire Patrick Soon-Shiong close to deal to buy the LA Times and San Diego Union-Tribune
LOS ANGELES_Los Angeles biotech billionaire Patrick Soon-Shiong is nearing a deal to buy the Los Angeles Times and The San Diego Union-Tribune from its parent company, Tronc, according to two people familiar with the talks.
The nearly $500 million cash deal, if consummated, would return The Times to local ownership after 18 years and represent a major shift for Chicago-based Tronc, which has built its strategy around owning newspapers in the country's largest cities. The company has said that The Times was the cornerstone of its strategy, given its
