Health Care

LA Times to be sold to billionaire doctor turned entrepreneur

LA Times to be sold to billionaire doctor turned entrepreneur

Tronc's digital assets will be organized under Tribune Interactive and be led by Ross Levinsohn, former publisher and chief executive of the Los Angeles Times who took an unpaid leave of absence last month following disclosure of sexual harassment allegations against him while he worked at other companies.

Soon-Shiong, 65, made his $8.6 billion fortune with the sale of two drug companies and owns part of the Los Angeles Lakers.

The announcement Wednesday means that for the first time in 18 years the Times will be under local ownership.

The sale reflects a trend of billionaires buying up newspapers, most notably when Amazon founder Jeff Bezos bought The Washington Post in 2013 for $250 million, in a move that has reinvigorated that newspaper and raised its profile. Levinsohn was tapped as publisher in September, but was forced to take a voluntary leave of absence without pay on January 19, when NPR unearthed what it claimed was a past history of sexual harassment in previous media jobs, including being named as a defendant in two lawsuits.

Durham University student 'crushed to death' outside nightclub
Onlookers claimed a security man was seen ripping off his shirt to use as a cloth to stop the bleeding from the woman's head. I got them to cushion her head with my jumper and then the only bouncer present just drags me away.

Clashes between the Times and its Chicago-based owner erupted not long after it acquired the West Coast paper in 2000.

Soon-Shiong has been the subject of several unflattering reports, including in the Times, which have raised concerns about his business practices and charitable giving. Tronc said Wednesday he was cleared of any wrongdoing.

"We find ourselves returning to where we were a century ago when a handful of wealthy owners controlled big, influential newspapers", said Al Tompkins, a senior faculty member at the Poynter Institute, a journalism think tank in St. Petersburg, Florida. "Today it's a thinner margin, and it gets thinner every day". "My goal is to try and preserve the integrity and the viability of the newspaper".

The LA Times, like many newspapers, has been downsizing its staff as readers turn away from print to online news platforms.


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