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Billionaire biotech investor Patrick Soon-Shiong blasted a report on Friday that he was considering a Los Angeles Times sale, saying he was “committed” to the newspaper.
He tweeted his engagement shortly after an article in the Wall Street Journal that Soon-Shiong was exploring a sale of the publication he acquired three years ago for $ 500 million, as well as the San Diego Union- Tribune and a handful of weeklies. The report came days after the former owner of the newspaper Tribune Publishing sold the rest of himself to majority-owned hedge fund Alden Global Capital – which the WSJ launched as a potential buyer.
“WSJ article inaccurate. We are committed to @LATimes, ”said Soon-Shiong, a South African-born surgeon, scientist and chief biotechnology officer, who is also a co-owner of the Los Angeles Lakers. He founded and recently merged two biotechnology companies, NantKwest and Immunitybio.
LA Times spokesperson Hillary Manning said: “Dr. Soon-Shiong and his family continue to invest and plan for the future of the Los Angeles Times, and have no plans to sell the business.
In October, Los Angeles Times editor-in-chief Norman Pearlstine announced his intention to resign, which he did in December, stepping up to an advisory role. The newspaper has hired a research firm to handle the process of finding a replacement, which is expected to take several months.
The newspaper recently announced that it has hired Laura Wides-Muñoz of ABC News in Washington, DC as associate editor in the Washington office.
WSJ article inaccurate. We are committed to @LATimes
– Dr Pat Soon-Shiong (@DrPatSoonShiong) February 19, 2021
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