Billionaire Dr. Patrick Soon-Shiong Buys Los Angeles Times for $500 Million from Tronc
Billionaire Dr. Patrick Soon-Shiong will buy Los Angeles Times, The San Diego Union-Tribune and various titles for $500 Million from Tronc Inc, a media company that own titles including Chicago Tribune and New York Daily News. The California-based entrepreneur Dr. Patrick will pay $500 million (cash) and assume $90 million in pension liabilities, though his private investment vehicle Nant Capital.
” Billionaire Dr. Patrick Soon-Shiong Buys Los Angeles Times for $500 Million “
Dr. Patrick, a billionaire with more than $8 billion estimated net worth, had sold 2 pharmaceuticals companies for almost $9.2 billion in 2008 and 2010. He sold APP Pharmaceuticals to Fresenius Medical Care for $5.6 billion in 2008, and Abraxis BioScience to Celgene for $3.6 billion in 2010. He founded both companies in 2001.
He is the founder and current Chairman & CEO of healthcare company NantHealth, a member of the Global Advisory Board of Bank of America, an Adjunct Professor at the University of California, Los Angeles, or UCLA and a visiting Professor at the Imperial College of London. Since 2010, Dr. Patrick has a minority stake in Los Angeles Lakers basketball team. Born in 1952 in South Africa, he completed his degree in medicine from University of the Witwatersrand (South Africa) at the age of 23 and completed his masters at the University of British Columbia (Canada). His parents of Chinese origin, had left China to South Africa during World War 2.
The acquisition of Los Angeles Times, The San Diego Union-Tribune and various titles brought in collectively $470 million in net revenues for the period Oct 2016 to Sept 2017) The transaction is expected to close in the late first quarter or early second quarter of 2018.
He is a physician, surgeon and scientist, has pioneered novel therapies for both diabetes and cancer, published over 100 scientific papers, and has over 95 issued patents on groundbreaking advancements spanning myriad fields. He also performed the world’s first encapsulated human islet transplant, the first engineered islet cell transplant and the first pig to man islet cell transplant in diabetic patients. He invented and developed Abraxane, the nation’s first FDA-approved protein nanoparticle albumin-bound delivery technology for the treatment of cancer. Abraxane was approved by the FDA for metastatic breast cancer in 2005, lung cancer in 2012, and pancreatic cancer in 2013.
FDA – Food and Drug Administration (United States)
Notable Newspaper Companies in United States
- Washington Post sold for $250 million in 2013 (Amazon founder Jeff Bezos)
- Boston Globe sold for $70 million in 2013 (Boston Red Sox owner John Henry)
About Tronc Inc
tronc, Inc. (NASDAQ:TRNC) is a media company rooted in award-winning journalism. Headquartered in Chicago, tronc operates newsrooms in eight markets with titles including the Chicago Tribune, New York Daily News, The Baltimore Sun, Orlando Sentinel, South Florida’s Sun-Sentinel, Daily Press, The Morning Call of Allentown, Pennsylvania and Hartford Courant. Our legacy of brands has earned a combined 57 Pulitzer Prizes and is committed to informing, inspiring and engaging local communities.
About Los Angeles Times
The Los Angeles Times is a daily newspaper published in Los Angeles, California, since 1881. It was the first-largest metropolitan newspaper in circulation in the United States in 2008 and the fourth most widely distributed newspaper in the country.
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