Tronc sells LA Times and other newspapers in $500m deal

08 February, 2018, 00:21 | Author: Edward Snyder
  • LA Times to be sold to local billionaire

Soon-Shiong is also the second-largest shareholder of Tronc and his net worth is $7.8 billion. Shiong is a major shareholder of Tronc and one of the richest men in Los Angeles. "If (Soon-Shiong) wants to make such a proposal, the board will do its duty and consider it", Tronc's attorney wrote.

Soon-Shiong (soon-shong), said by Forbes to be the nation's richest doctor, made the bulk of his fortune selling two of the drug companies that he founded for a total of almost $9 billion a decade ago. Soon-Shiong graduated from high school at the age of 16 and got accepted to the medical school at University of the Witwatersrand, Johannesburg.

Watch Tronc's shares trade in real time here. The appointment of the former Forbes executive is met "with some skepticism in the newsroom", per the NYT, which cites journalists anxious that "Mr. D'Vorkin will be more focused on clicks and advertising, rather than pursuing ambitious journalism". Among his many fine accomplishments, D'Vorkin berated his own staff and assembled a "shadow newsroom" of journalists who sought to create digital content for social media and mobile devices, separate from the efforts of the established newsroom.

Last month, the Times' journalists voted overwhelmingly to form a union, according to the Post. Meanwhile, Times newsroom staff retaliated against cuts in a January 19 National Labor Relations Board election by voting 248 to 44 unionize under the NewsGuild-Communications Workers of America.

Oh, and they were also fed up with Ferro and his jet. Tronc agreed at the time to license technology from Soon-Shiong's company. Acquisitions will continue to be a big part of its plan, Tronc said Wednesday, and the company announced that it's buying a majority stake in online product review company BestReviews for an undisclosed amount.

Tronc's digital assets will be organized under Tribune Interactive and be led by Ross Levinsohn, former publisher and chief executive of the Los Angeles Times who took an unpaid leave of absence last month following disclosure of sexual harassment allegations against him while he worked at other companies. He was also alleged to have fostered a "frat-boy atmosphere" at his previous companies.

The $500 million price tag is twice what Amazon founder Jeff Bezos paid for the Washington Post when he bought that paper in 2013, and more than seven times what Red Sox owner John Henry paid for the Boston Globe that same year. Zell sold to Tribune in 2000.



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