Los Angeles Times Owner Patrick Soon-Shiong Denies Report Paper For Sale

LA Times

Biotech billionaire investor Patrick Soon-Shiong Friday blasted a report that he’s exploring a sale of the Los Angeles Times, saying he’s “committed” to the paper.

He tweeted his commitment shortly after a story in The Wall Street Journal said Soon-Shiong was exploring a sale of the publication he acquired three years ago for $500 million, along with the San Diego Union-Tribune and a handful of weeklies. The report came a few days after the paper’s former owner Tribune Publishing sold the rest of itself to majority shareholder hedge fund Alden Global Capital – which the WSJ floated as a possible buyer.

“WSJ article inaccurate. We are committed to the @LATimes,” said Soon-Shiong, a South African-born surgeon, scientist and biotech executive who is also part owner of the Los Angeles Lakers. He founded, and recently merged, two biotech firms, NantKwest and Immunitybio.

LA Times spokesperson Hillary Manning said, “Dr. Soon-Shiong and his family continue to invest in and plan for the future of the Los Angeles Times, and do not plan to sell the company.”
In a statement late Friday, the WSJ said, “We are aware of Dr. Soon-Shiong’s tweet. We are confident in our reporting and will continue to follow this developing story.”

In October, Los Angeles Times Executive Editor Norman Pearlstine announced plans to step down, which he did in December, shifting to an advisory role. The paper hired a search firm to manage the process of finding a replacement, which was expected to take several months.

The paper recently announced it hired Laura Wides-Muñoz, from ABC News in Washington, D.C. as deputy editor of the Washington bureau.

 

This article was printed from https://deadline.com/2021/02/los-angeles-times-owner-patrick-soon-shiong-denies-report-paper-is-for-sale-1234696986/