Los Angeles Times sold for $500 million
Feb. 7, 2018 at 11:44 p.m.
LOS ANGELES — A biotech billionaire has struck a $500 million deal to buy the Los Angeles Times, ending the paper's quarrelsome relationship with its Chicago owners.
The announcement Wednesday means that for the first time in 18 years the Times will be under local ownership. The agreement between Dr. Patrick Soon-Shiong and Tronc Inc. marks the latest instance of a rich, civic-minded person buying a newspaper from a big corporation.