Billionaire investor Patrick Soon-Shiong denies report of LA Times sale
4:42 pm Friday, February 19th, 2021
(Reuters) – Billionaire investor Patrick Soon-Shiong on Friday denied a report that said he was considering a sale of the Los Angeles Times newspaper.
The Wall Street Journal reported that the investor, who bought the newspaper in 2018, was looking to sell the publication. (https://on.wsj.com/37tDo4u)
“WSJ article inaccurate. We are committed to the @LATimes,” Soon-Shiong said in a tweet https://twitter.com/DrPatSoonShiong/status/1362862504796282881.
Soon-Shiong bought the publication for $500 million cash, along with the San Diego Union-Tribune and some other newspapers from Chicago-based publisher Tronc Inc, now known as Tribune Publishing Co.
Earlier this week, Alden Global Capital said it will buy Tribune Publishing, the owner of the Chicago Tribune, in a $630 million deal.
Soon-Shiong, a South African-born high-profile biotech executive and physician, is also part owner of the Los Angeles Lakers NBA basketball team and runs several medical companies.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Arun Koyyur)
