Tronc Sells Los Angeles Times and San Diego Union Tribune

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https://www.politico.com/story/2018/02/06/los-angeles-times-newspaper-395926


https://www.bloomberg.com/news/articles/2018-02-06/tronc-is-said-near-sale-of-l-a-times-to-local-billionaire

The transaction would put another major metropolitan paper in the hands of a billionaire who may be willing to stomach the industry's advertising freefall to support local journalism. Jeff Bezos acquired the Washington Post in 2013, and John Henry agreed to buy the Boston Globe the same year.[/color]

The sale of the Times, one of the largest newspapers in Tronc's portfolio, is a setback in the media company's plan to develop a national network of multimedia production built on the foundation of some of the country's most storied media brands. Shares of Chicago-based Tronc rose less than 1 percent to $18.10 at the close in New York. They're up 2.9 percent this year.[/color]

Soon-Shiong, 65. made his $8.6 billion fortune with the sale of two drug companies and owns part of the Los Angeles Lakers. He's also acquiring the San Diego Union-Tribune in the deal with Tronc, said the person, who asked not to be identified discussing private information. The Washington Post reported the transaction earlier Tuesday.[/color]
Like the rest of the industry, the Times has suffered through dwindling readership and falling advertising revenue. The newspaper was controlled for much of its history by the Chandler family, before being sold in 2000 to Tribune Co., which was taken over by billionaire Sam Zell in 2007. The parent filed for bankruptcy shortly after, then emerged from protection in 2012 and spun off Tribune Publishing in 2014.[/color]
Four years later, Ferro gained control of Tribune Publishing and renamed it Tronc -- for Tribune Online Content. The Times' daily circulation has fallen to a fraction of its April 1990 peak of 1.23 million.[/color]
Soon-Shiong's Nant Capital made a $70.5 million investment in Tronc in 2016, a move seen then as an attempt by Ferro to fend off a hostile takeover by Gannett. Soon-Shiong became vice chairman of the board, and his Nant Capital gained a 13 percent stake at the time. Tronc agreed at the time to license technology from Soon-Shiong's company.[/color]
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