The Los Angeles Times building is seen on February 6, 2018 in Los Angeles, California.
The editor of the Los Angeles Times, John Carroll, who led the paper to 13 Pulitzer Prizes, resigned under heavy pressure to cut staff.
Dr. Soon-Shiong, who is said to be the nation's wealthiest physician, is a surgeon by training.
"We are pleased to transition leadership of the Los Angeles Times and The San Diego Union-Tribune to local ownership, and we are certain that the journalistic excellence in Southern California will continue long into the future", said Justin Dearborn, chief executive of Tronc, the name adopted for the group previously known as Tribune Publishing. Soon-Shiong, through his private investment vehicle Nant Capital LLC, became a major shareholder in the company in 2016. Publisher Ross Levinsohn is on unpaid leave after revelations that he was a defendant in two sexual harassment lawsuits elsewhere. He has been a faculty member at the UCLA medical school and has invested in and donated to medical research. "Today it's a thinner margin and it gets thinner every day".
"I am concerned there are other agendas, independent of the newspaper's needs or the fiduciary obligations to the viability of the organization", he said.More news: Jobless Rate Down, Labour Participation Rate Up In Windsor
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As news spread of a potential sale Tuesday, cheering erupted in the Times newsroom. After the deal was formalized, the union representing the newspaper's journalists congratulated Soon-Shiong.
Tell us why you read The Times and what you want the new owner to know.
The transaction could solve two problems for Tronc, which also owns the Chicago Tribune and the New York Daily News. D'Vorkin had pushed the theory that media has to embrace new ideas to survive in a digital world.
In a separate statement on Wednesday, Tronc said it acquired a majority ownership stake in BestReviews, an online product review company based in San Francisco.