Los Angeles Times Said to Be Nearing Sale to Billionaire Doctor
Dr. Soon-Shiong, the founder, chief executive and chairman of NantHealth, a health care company, was in a public feud last year with Michael W. Ferro
Jr., Tronc’s nonexecutive chairman, as they vied to increase their stakes in the company in apparent attempts to outmaneuver each other for control.
In an effort to counter swelling mistrust in the newsroom, Jim Kirk, a veteran journalist
and former editor and publisher of The Chicago Sun-Times, was named editor in chief on Jan. 29, replacing Lewis D’Vorkin, who became Tronc’s chief content officer.
The owner of The Los Angeles Times is close to a deal to sell the newspaper to Patrick Soon-Shiong,
a billionaire Los Angeles doctor, two people familiar with the negotiations said Tuesday.
Shortly afterward, Tronc said that the newspaper’s publisher, Ross Levinsohn, was taking an unpaid leave of absence
while a law firm investigated allegations of coarse workplace behavior while he was employed by other companies.
A deal could be announced as soon as Wednesday but could still fall apart, the people said.
The $500 million deal comes amid months of turmoil at The Times, including upheaval in the editorial and management ranks.