(Reuters) - Tronc Inc (TRNC), 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 (NH), will also buy the Times' sister newspaper, the San Diego Union-Tribune, the source said.
Tronc was not immediately available for comment.
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. (http://bit.ly/2DWOS0o)
Tronc acquired the San Diego Union-Tribune in May 2015. Its other newspapers include the Baltimore Sun and the Hartford Courant.
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tronc confirms deal to sell the L.A. Times, The San Diego Union-Tribune and various titles in the California News Group to Nant Capital for $500 mln in cash plus the assumption of $90 mln in pension liabilities
- The Portfolio being divested represented approximately $470 million in net revenues for the twelve-month period ending Sept. 30, 2017, and approximately $73 million of EBITDA, including the corporate cost allocation associated with the Portfolio.
- Additionally, the co announced it has acquired a majority ownership stake in BestReviews, the high growth online product review company based in San Francisco, California, and Reno, Nevada. BestReviews' current owners will retain a minority ownership position and continue to oversee and manage all operations.
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