Soon-Shiong Interested in Buying L.A. TimesTuesday, September 22, 2015
Dr. Patrick Soon-Shiong, the wealthiest person in Los Angeles, is considering making an offer to buy the Los Angeles Times, according to a source familiar with the situation who declined to speak on the record.
“It isn’t that far along, but he is seriously considering it now,” said the source, who said Soon-Shiong previously considered buying the paper a few years ago.
The source added that Soon-Shiong, whose net worth the Business Journal calculated at $15.3 billion in May, has not yet contacted the Times’ parent company, Chicago’s Tribune Publishing Co., regarding a sale.
It’s unclear whether Soon-Shiong would be the sole bidder or whether he would partner with other individuals or groups.
In the wake of Austin Beutner’s firing as chief executive and publisher of the Times earlier this month and reports that billionaire Eli Broad could reignite his interest in acquiring the beleaguered paper, this development confirms the Business Journal’s earlier report that other parties could be interested.
A spokesman for Soon-Shiong, who is the chief executive of Culver City’s NantWorks, declined to comment.