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.
