The Briefing Room
General Category => Economy/Business => Topic started by: endicom on February 07, 2018, 02:28:34 pm
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Los Angeles Times
Meg James
Feb. 7, 2018
Biotech billionaire Patrick Soon-Shiong has agreed to purchase the Los Angeles Times from its parent company Tronc, restoring local ownership and perhaps ending a turbulent period for the storied 136-year-old institution.
Chicago-based Tronc on Wednesday will announce the sale of The Times and the San Diego Union-Tribune to Soon-Shiong's investment firm Nant Capital for nearly $500 million in cash, according to a source familiar with the deal. In addition to the purchase price, the deal includes the assumption of $90 million in pension liabilities.
The sale comes after a particularly stormy period for the newspaper, which has seen three editors in six months, its publisher placed on unpaid leave amid a sexual harassment investigation, and a historic vote to unionize the newsroom.
More... http://www.latimes.com/business/hollywood/la-fi-ct-los-angeles-times-sold-20180207-story.html (http://www.latimes.com/business/hollywood/la-fi-ct-los-angeles-times-sold-20180207-story.html)
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Soon-Shiong supports Democrats, including Hillary in the presidential race.
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Anyone see anything Wong here.
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Another left-wing mouthpiece.
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Soon-Shiong supports Democrats, including Hillary in the presidential race.
Oh no! Does this mean the LA Times is going to go Left now in their reporting?