Los Angeles Times owner sells paper to local billionaire Patrick Soon-Shiong, ending a long-troubled relationship

: washingtonpost – excerpt

The Chicago-based owner of the Los Angeles Times completed its sale of the newspaper on Wednesday in a surprise move that probably spells the end of its long-troubled relationship with Southern California’s leading news outlet.

The buyer is Patrick Soon-Shiong, a Los Angeles-area physician and a major shareholder of the paper’s former parent company, Tronc. Soon-Shiong is the billionaire founder and chief executive of NantHealth, based in Culver City. As part of the $500 million deal, he will also buy its sister newspaper, the San Diego Union-Tribune

Soon-Shiong, 64, made his fortune — estimated at around $9 billion by Bloomberg — by starting and selling biotech companies and by operating an empire of interlocking enterprises. A surgeon by training, he has no background in newspapers, except as an investor in Tronc. Among his investments is a small stake in the Los Angeles Lakers…

He has vowed to “solve health care” and to “win the war on cancer,” two grandiloquent claims that have made him controversial within health-care circles..

Soon-Shiong advised Donald Trump on health-care issues during the presidential transition last year, and also consulted with former vice president Joe Biden on Biden’s cancer initiative. Soon-Shiong has directed his political contributions primarily to Democrats, including Hillary Clinton in 2016… (more)

The media moguls never quit. This article details the history of the recent turmoil at a major US Newspaper that had a reputation for excellence in journalism.

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