You will be redirected back to your article in seconds

Los Angeles Times Owner in Talks to Sell Newspaper

Tronc Inc., the Chicago-based owner of the Los Angeles Times, is near a deal to sell the newspaper, the Times reported on Tuesday.

Patrick Soon-Shiong, a major shareholder in the Times, is the buyer. Soon-Shiong is the founder and chief executive of healthcare company NantHealth. The Times also reported that Soon-Shiong will buy the San Diego Union-Tribune. The deal for the two papers is reportedly close to $500 million.

Tronc did not immediately respond to a request for comment. If the sale goes through, it would cap a chaotic stretch in recent months that’s seen departures in the top ranks at the Times, along with a bitter fight between management and journalists over unionization and a proposal to increase contributions from freelancers.

Tronc’s predecessor company, Tribune Co., bought the Times in 2000 and has been cutting staff amid falling revenues with 400 on the news staff — less than a third of the peak of 1,300 in the late 1990s. Chicago businessman Sam Zell led a leveraged buyout of Tribune Co. in 2007. Tribune Co. filed for bankruptcy protection in 2008 and emerged from bankruptcy in 2012.

The news staff voted last month to form a union and has blasted Tronc’s plans to establish a network of non-staff contributors. Tronc named Jim Kirk, the former editor and publisher of the Chicago Sun-Times, as the Times’ new editor in chief last week to replace Lewis D’Vorkin, who lasted three months on the job. D’Vorkin was appointed after Tronc fired four top editors, including editor-in-chief Davan Maharaj, in August.

Additionally, Times publisher Ross Levinsohn was put on leave last month after the disclosure of sexual harassment allegations against him while he worked at other companies. Levinsohn was named publisher in August.

More Biz

  • Charter Communications logo

    Charter Reaches $174 Million Fraud Settlement on Internet-Throttling Suit

    Charter Communications has agreed to a settlement valued at $174.2 million to resolve a lawsuit alleging the U.S.’s second-biggest cable operator defrauded broadband customers by failing to deliver internet speeds it had promised. According to the terms of the settlement with the New York Attorney General’s Office, Charter will pay $62.5 million in direct refunds to [...]

  • Making a Murderer

    'Making A Murderer' Detective Sues Netflix for Defamation

    A retired sheriff’s detective sued Netflix for defamation on Monday, alleging that the hit series “Making a Murderer” falsely suggested that he planted evidence to frame a murder suspect. Andrew Colborn filed suit in Manitowoc County Circuit Court in Wisconsin, alleging that he had been subject to “worldwide ridicule, contempt and disdain” since the docuseries [...]

  • Yael Stone Geoffrey Rush

    'OITNB' Actress Yael Stone Accuses Geoffrey Rush of Sexual Harassment

    In a New York Times article published Sunday, “Orange Is the New Black” actress Yael Stone alleged that Geoffrey Rush harassed her numerous times while they both worked on a theater production in 2010. She said he exposed himself to her, sent her sexually suggestive text messages, and used a mirror to spy on her [...]

  • Laura Donnelly

    CAA Signs 'Ferryman' Actress Laura Donnelly (EXCLUSIVE)

    CAA has inked Laura Donnelly for representation. Donnelly, who was most recently represented by ICM Partners, won the prestigious Laurence Olivier Award for best actress this year for her performance in Jez Butterworth’s play “The Ferryman,” directed by Oscar and Tony winner Sam Mendes. Since opening in October, the production has also received two more [...]

  • Leslie Moonves, CEO of CBS CorporationAllen

    Moonves Lawyer: CBS Investigation Was 'Foreordained' With 'Baseless Conclusions'

    A lawyer for Leslie Moonves has blasted the conclusions of the CBS internal investigation that cost the former CBS Corp. chairman-CEO the $120 million severance package he was due prior to his Sept. 9 ouster amid a swirl of sexual misconduct allegations. Moonves continues to assert that his workplace-related sexual encounters were consensual, despite numerous [...]

  • California to Launch Program for Individuals

    California to Launch State Program for Individuals With Disabilities

    California state treasurer John Chiang is joining both state and local leaders Wednesday to launch CalABLE, a new state program that will allow individuals with disabilities to open tax-advantaged savings and investment accounts. Previously, public benefits for people with disabilities restricted savings to $2000 per year, but under the new CalABLE program, eligible individuals will [...]

More From Our Brands

Access exclusive content