- REUTERS/Lucy Nicholson
- Shares of Tronc jumped 20% after the company announced it was selling the Los Angeles Times to billionaire Patrick Soon-Shiong.
- The paper has been a thorn in Tronc’s side after the newsroom voted to unionize last month.
- Watch Tronc’s shares trade in real time here.
Shares of Tronc soared 20% in early Wednesday trading after the company found a suitor to buy the Los Angeles Times.
Patrick Soon-Shiong, a Los Angeles-based physician and a major shareholder of Tronc, will buy the paper for $500 million. The bid will also include the Times’ sister newspaper, the San Diego Union-Tribune, according to the Washington Post.
Soon-Shiong is the billionaire founder and CEO of Culver-based NantHealth, a biotech company.
The news comes as welcome relief for Tronc shareholders as the Times has seen massive turnover in key positions at the paper as well as clashes with management over having more non-staff contributing writers write news content.
The journalists in the Los Angeles Times newsroom also voted overwhelmingly to form a union last month.
- Markets Insider