Tronc Inc, the owner of the Los Angeles Times, is expected to announce a sale of the newspaper to billionaire biotech investor Patrick Soon-Shiong, a source familiar with the matter said.
Soon-Shiong, a major shareholder in Tronc and chief executive of NantHealth Inc, will also buy the Times’ sister newspaper, the San Diego Union-Tribune, the source said. Tronc was not immediately available for comment, reports Reuters.
An inscription is pictured on the Los Angeles Times building in Los Angeles, California, U.S.
The Times, acquired by Tronc’s predecessor Tribune Co in 2000, has undergone several management changes and rounds of layoffs, reflecting a struggle by newspapers, in general, to adapt to digital media.
The newspaper’s publisher and CEO, Ross Levinsohn, agreed to take an unpaid leave of absence last month following disclosure of sexual harassment allegations against him while he worked at other companies.
Tronc acquired the San Diego Union-Tribune in May 2015. Its other newspapers include the Baltimore Sun and the Hartford Courant.