Economic news

Patrick Soon-Shiong buys L.A. Times

Billionaire investor Patrick Soon-Shiong will buy the Los Angeles Times and the San Diego Union-Tribune from Tronc Inc. The nearly $500-million cash deal close to completion.

Photo: Frederic J. Brown/AFP/Getty Images

The Los Angeles Times was founded in 1881, with a circulation of 450,000 to 650,000 copies. In recent years, the publication has faced financial difficulties.

In January, L.A. Times employees announced the formation of a union to halt staff cutbacks and raise wages. Soon-Shiong's fortune is estimated at $8.6 billion by Bloomberg.

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