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News Link • Business/ Commerce

Local billionaire to take control of the LA Times Monday

• yahoo.com By AP

Dr. Patrick Soon-Shiong (soon-shong) is spending $500 million to buy The Times, San Diego Union-Tibune, Spanish-language newspaper Hoy and some community newspapers from Chicago-based Tronc.

The deal, announced Feb. 7, returns The Times to local ownership after nearly two decades under rocky Chicago control. The newsroom has been led by three editors in 10 months and five publishers in four years.

Soon-Shiong, 65, will become executive chairman of the California News Group.

He plans to move the newsroom from its iconic downtown headquarters to a modern building under construction 12 miles (19.3 kilometers) south in suburban El Segundo. The property will include a Times museum gallery, event and retail space.

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