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Tronc sells LA Times, other publications for $500mn
February 07 2018 05:08 PM
People walk by the Los Angeles Times building in Los Angeles, California, US
People walk by the Los Angeles Times building in Los Angeles, California, US

Reuters

Tronc Inc said on Wednesday it would sell some newspapers, including the Los Angeles Times and the San Diego Union-Tribune, to billionaire biotech investor Patrick Soon-Shiong for $500 million in cash.

"This transaction allows us to fully repay our outstanding debt, significantly lower our pension liabilities and have a substantial cash position following the close of the transaction," Tronc Chief Executive Justin Dearborn said in a statement.
The Times, acquired by Tronc's predecessor Tribune Co in 2000, has undergone several management changes and rounds of layoffs, reflecting a struggle by newspapers in general to adapt to digital media. 



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