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Patrick Soon-Shiong, owner of the Los Angeles Times, denies reports that he was considering selling the company.
Friday’s refusal came after The Wall Street Journal reported that the billionaire investor was planning to sell the company just three years after buying The Times along with the San Diego Union-Tribune and other Tribune Publishing Company weeklies in 2018 for $ 500 million.
“WSJ article inaccurate. We are attached to @LATimes, ”Soon-Shiong tweeted. “Newspapers are important to the community. Support @LATimes and @sdut. ”
Newspapers are important to the community. Support it @LATimes and @sdut https://t.co/dn76bM9ROL https://t.co/7kNPl4JZVO
– Dr Pat Soon-Shiong (@DrPatSoonShiong) February 19, 2021
Citing people familiar with the matter, the newspaper reported that Soon-Shiong was considering an outright sale of the company, bringing in an additional investor or transferring management of the properties to another media group.
The Journal also reported that the billionaire investor had considered selling or transferring management of the San Diego Tribune to another company, potentially MediaNews Group, which is owned by hedge fund Alden Global Capital.
Alden announced Last week that it acquires Tribune Publishing in a deal valued at $ 630 million.
Steve Severinghaus, a spokesperson for the Journal, told The Hill in a statement: “We are aware of Dr Soon-Shiong’s tweet. We are confident in our reporting and will continue to follow this developing story.”
The news comes after Norman Pearlstine announced in december that he was leaving his post as editor in chief of the newspaper to assume an advisory role.
A separate recruiting company manages the Pearlstine replacement search process.
Update: 8:40 p.m.
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