Los Angeles Times owner expected to sell following staff union

Los Angeles Times owner expected to sell following staff union

The transaction, worth $500mn, will be an all cash deal, with Tronc set to transfer the liabilities of these assets, including $90mn in pensions, to Nant Capital.

The Los Angeles Times newsroom has experienced a rollercoaster 2018 so far, including a feud with former editor-in-chief Lewis D'Vorkin, who lasted three months at the position.

Among other things, an audit found that the University of Utah had accepted over $12 million from a Soon-Shiong foundation and then inappropriately awarded one of his company's, NantHealth, $10 million for gene sequencing, the Salt Lake Tribune reported past year.

The proposed $500 million deal would sever the Los Angeles Times from Chicago-based publisher Tronc, capping off a noisy relationship between it and the newspaper.

Should Mr Soon-Shiong succeed in buying the Times, he would take control of a paper with a rich legacy that includes 44 Pulitzer Prizes and deep roots in Los Angeles. He now owns about 3 percent of Tronc. Major papers such as The Post, New York Times and Wall Street Journal have made significant gains in digital subscriptions in recent years, suggesting that the painful transition to online news delivery is beginning to ease.

Shares are up 26.6%.

With the sale, The Times would once again come under local ownership, ending almost two decades of corporate control.

"These moves follow intense newsroom anger over D'Vorkin's [handling] of the paper's coverage of Disney; amorphous plans to supplement Los Angeles Times and Tronc content with non-newsroom writers and content partners; and D'Vorkin's obsessive reaction to newsroom leaks and controversies", David reported at the time.

And the day before the union vote was announced, NPR revealed that Times publisher Ross Levinsohn, whom Tronc had hired in August to run the paper, had been accused of sexual misconduct multiple times at previous jobs. However, he had reportedly contemplated The L.A. Times deal for years.

The Los Angeles daily was family-owned for more than a century before being sold to the Chicago-based Tribune Co.in 2000.

Born in South Africa to Chinese parents, Soon-Shiong came to Los Angeles in the 1970s, going to work as a resident at the UCLA Medical School.

Tronc acquired the San Diego Union-Tribune in May 2015.

Tronc said Wednesday that Levinsohn would lead a new division within the company after an independent investigation found "no wrongdoing".

Related Articles

  • How to Get the Best Tan from a Tanning Bed

    How to Get the Best Tan from a Tanning Bed

    After your first two or three sessions, you can feel free to increase your exposure time and even the power of the tanning bed. You may be tempted to play some free slot machines with free spins but leave this for after you complete your tanning session.
    Snow storm leaves Metro Airport empty Friday

    Snow storm leaves Metro Airport empty Friday

    In Chicago, Mayor Rahm Emanuel said the city was gearing up for several more rounds of snow through the weekend. "We're up to it". Motorists heading north are advised to prepare for hazardous driving conditions, including during the morning commute.
    Turkish helicopter shot down by Kurdish militia in Syria's Afrin

    Turkish helicopter shot down by Kurdish militia in Syria's Afrin

    State news agency SANA said the army was retaliating by hitting militant positions in the Ghouta. Damascus also called on the U.N.to dismantle the coalition. "The frustration is two-fold".
  • Passing The Cisco CCNA Certification Exam Guide

    The course develops your knowledge and skills according to the digital era, which helps in getting evolution in the network. 3. This will also help in building up the required aptitudes the course requests. · Bifurcate what is important to learn.
    Cameco posts smaller loss on higher prices, streamlining efforts

    Cameco posts smaller loss on higher prices, streamlining efforts

    Investors as well as the sell-side will be paying close attention to how the actual numbers compare with the estimates. The business had revenue of $809.00 million during the quarter, compared to the consensus estimate of $780.91 million.
    Rob Gronkowski Thinking About Acting

    Rob Gronkowski Thinking About Acting

    Based on his "role" in the 2017 film You Can't Have It (given the trailer, I don't want it), Gronk isn't a natural. Gronkowski has told friends his injuries "have taken a toll on him", the Eagle-Tribune reported .
  • Pentagon evaluating dates for military parade in Washington at Trump's request

    Pentagon evaluating dates for military parade in Washington at Trump's request

    The meeting was attended by Vice President Mike Pence, White House chief of staff John Kelly, Defense Secretary James Mattis, and Chairman of the Joint Chiefs Gen.
    Why LeBron James Likes New Look Of Cavs After Series Of Trades

    Why LeBron James Likes New Look Of Cavs After Series Of Trades

    In short, Cleveland improved its chances of returning to a fourth straight National Basketball Association finals with the trade. Right now that would mean a matchup with IN in the first round, but both Milwaukee or Washington could fall into that slot.
    LeBron James: 'I like the pieces we have coming in'

    LeBron James: 'I like the pieces we have coming in'

    After an abysmal start to the season in Cleveland , Thomas was traded to the Los Angeles Lakers before the trade deadline. I've always felt that's where his heart and his mind was. "I think everything else at that point is irrelevant".
  • Check Out Which Casino is Best For You With No Deposit Bonuses

    Check Out Which Casino is Best For You With No Deposit Bonuses

    Everyone has to start somewhere, and if you or another first-time player makes a mistake, you would not expect criticism. All the games have rules to follow and there are plenty of online resources that will teach you how to play them.
    'Thanks Victor' - Korean short-track hero hails banned An

    'Thanks Victor' - Korean short-track hero hails banned An

    Biney finished second in her heat, while teammate Lana Gehring was eliminated on a hard night for the USA team. The IOC invited only three Russian men's skaters, meaning Elistratov can't compete in the 5,000-meter relay.
    Celtics seek extra first-rounder to acquire Lou Williams or Tyreke Evans

    Celtics seek extra first-rounder to acquire Lou Williams or Tyreke Evans

    As always with Ainge, you need to think about what the Celtics want to do right now and what they may have in mind for the future. Smart would likely be used as a combo guard behind Jamal Murray and Gary Harris in Denver, similar to the role he already has.