Patrick Soon-Shiong, through his NantCapital investment company, assumed ownership on Monday of the Los Angeles Times, The San Diego Union-Tribune and community newspapers and other properties in the California News Group. He paid $500 million to Chicago-based Tronc.
“My family and I are truly honored and privileged to assume the mantle of the Los Angeles Times, the San Diego Union-Tribune and the California News Group. These are storied institutions of democracy, and I am humbled to lead them into a new era of local ownership,” said Soon-Shiong, who will be executive chairman.
“We purchased the California News Group because we want to preserve the integrity, honesty and fairness we’ve observed in our decades as avid readers of the Los Angeles Times,” he said in a letter to readers. “My family and I fervently believe that the Union-Tribune, the Times and our other titles must continue to serve as beacons of truth, hope and inspiration binding our communities.”
Also on Monday, Soon-Shiong appointed Norman Pearlstine as executive editor of The Times.
