Los Angeles Times owner will sell paper, ending a long-troubled relationship
Source: Washington Post
Los Angeles Times owner will sell paper, ending a long-troubled relationship
By Paul Farhi February 6 at 4:58 PM
The Chicago-based owner of the Los Angeles Times is expected to announce it is selling the newspaper, according to people familiar with the companys plans, in a surprise move that likely spells the end of its long-troubled relationship with Southern Californias leading news outlet. ... The buyer is Patrick Soon-Shiong, a Los Angeles-area physician and a major shareholder of the papers current parent company, Tronc Inc., according to the people involved in the deal, who asked not to be named because they werent authorized to talk. Soon-Shiong is the billionaire founder and chief executive of NantHealth, based in Culver City. He will also buy its sister newspaper, the San Diego Union-Tribune.
The last few months have been particularly chaotic at the Times, with rapid turnover in the papers top ranks and a major clash between management and journalists over a proposal to have more non-staffers contributing more news content.
Ever since Troncs forerunner company, Tribune Co., acquired the Times in 2000, the newspaper and its parent company have engaged in a cross-country feud about the papers management and direction. As newspapers have declined in the digital age, the company has ordered round after round of cutbacks, prompting complaints that Tribune was decimating one of the nations most accomplished journalistic institutions.
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The papers journalists voted overwhelmingly last month to form a union. Their immediate concern is the companys nascent plans to establish a network of non-staff contributors to produce stories outside the main newsroom, which some fear would be a scab operation designed to undermine the union.
Read more: https://www.washingtonpost.com/lifestyle/style/los-angeles-times-owner-will-sell-paper-ending-a-long-troubled-relationship/2018/02/06/60f5f42e-0b5f-11e8-95a5-c396801049ef_story.html
Retweeted by David Fahrenthold: https://twitter.com/Fahrenthold
Exclusive: Owner of @latimes and @sdut will sell newspapers to investor Patrick Soon-Shiong.
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Replying to @farhip @latimes @sdut
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L.A. billionaire Soon-Shiong gets $148-million payday even as his firm's stock tanks
http://www.latimes.com/business/la-fi-0428-soon-shiong-ceo-pay-20160428-story.html
By MELODY PETERSEN and MELODY PETERSEN
APR 27, 2016 6:15 PM
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More: Dr. Soon-Shiong held discussions with president-elect Trump to be his health care czar:
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Here's a scandal involving the new @latimes owner: He donated $12 million to the University of Utah, which then paid $10 million to his biotech firm, inflating its revenues:
http://www.latimes.com/business/la-fi-soon-shiong-nanthealth-donation-report-20170307-story.html …
A legislative audit found that deal violated the law:
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I guess that's one way to cover your scams up: buy the media.
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