Local billionaire to take control of the L.A. Times Monday
LOS ANGELES (AP) — The Los Angeles Times reports that a biotech billionaire will officially take control of the storied newspaper and the San Diego Union-Tribune on Monday.
Dr. Patrick Soon-Shiong (soon-shong) is spending $500 million for the two news organizations, Spanish-language newspaper Hoy and some community newspapers from Chicago-based Tronc.
The deal, announced Feb. 7, returns The Times to local ownership after nearly two decades under turbulent Chicago control.
Soon-Shiong will become executive chairman of the California News Group.
He plans to move the newsroom from its iconic downtown headquarters to a modern building under construction in suburban El Segundo.
The Times once had more than 1,200 journalists and more than 25 foreign bureaus. Now it employs about 400 journalists with bureaus in Sacramento, Washington and a handful of foreign and national outposts.