With evolving times, the newspaper industry is facing severe headwinds against the digital print industry, and the sale is largely reflective of that struggle.
As per a source familiar with the matter at hand, Tronc Inc, owner of Los Angeles Times, is set to announce the sale of the newspaper to Patrick Soon-Shiong, a billionaire biotech investor.
Soon-Shiong, who has major stake in Tronc is also set to acquire the Times’ sister newspaper, the San Diego Union-Tribune, with the CEO of NantHealth Inc.
Tronc was not immediately available for comment.
Reflecting the struggle by the newspaper industry as it tries to adapt to the digital print media, the Times saw several management changes as well as rounds of layoffs.
Reflecting these troubled times for the changing newspaper industry, Ross Levinsohn, the newspaper’s publisher and CEO had agreed to take an unpaid leave of absence in January 2018, following allegations of sexual harassment when he worked at other firms.