(Associated Press) The struggling Los Angeles Times found a local savior in a biotech billionaire willing to buy the storied newspaper from a corporation half a continent away, but the change of ownership brings its own set of questions and uncertainty.
Dr. Patrick Soon-Shiong agreed to pay $500 million and assume $90 million in pension liabilities for the Times and San Diego Union-Tribune, Tronc Inc. announced Wednesday.
The news was met with a mix of optimism and skepticism by those who have seen the fourth-largest circulation newspaper in the country plagued by cutbacks and circulation declines and roiled by leadership changes in the two decades since it was sold to Tribune Co. by the Chandler family.
“Some people might think this could be the white knight, the savior, but nobody knows that,” said Steve Davis, a journalism professor at Syracuse University. “All they know is that it’s a change, that it’s somebody new who says the right things.”