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The sale of the Times by parent company Tronc to billionaire California inventor and investor Dr. They asked not to be named because they were not authorized to speak publicly about the transaction. The finalization of the deal was first reported by NPR on social media. The sale would end an especially contentious chapter in the roller-coaster history of one of the nation's leading news organizations, a tale replete with a successful unionization drive and newsroom backlashes against both the publisher and editor whom Tronc installed to run the Times last year.
Some related suburban and community papers are also to be part of the deal. Tronc officials initially said the deal would go through by late March or early April. But negotiations between Tronc and Soon-Shiong, Tronc's second-biggest investor, soon slowed to a crawl.
Representatives for both Tronc and Soon-Shiong declined to comment for this story. In his few past public remarks about his ambitions for the paper, Soon-Shiong has said he intends to restore the year-old Times to its position of journalistic and civic glory.
The surgeon, inventor, entrepreneur, philanthropist and minority owner of the Los Angeles Lakers has also created a modern new headquarters for the paper on the west side of Los Angeles. Soon-Shiong has pledged to put the influential paper on sounder financial footing. Since its acquisition in by the then-Tribune Co. Tribune's newspaper holdings were spun off and, in , became Tronc, under which the Times suffered from a crisis of confidence in the newsroom.
Tronc promised a digital reinvention so vast it threatened to sideline the traditions of hard-hitting journalism that the newsroom had been fighting to maintain despite the deep cuts. In late , executives, including then newly installed publisher Ross Levinsohn and new Editor-in-Chief Lewis D'Vorkin, declined to defend articles scrutinizing local tax breaks given to the Walt Disney Co.
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