Billionaire biotech investor Patrick Soon-Shiong released a report on Friday that he is exploring the sale of the Los Angeles Times, saying he is “committed” to the newspaper.
He tweeted his pledge shortly after an article in The Wall Street Journal said that Soon-Shiong was exploring the sale of the publication he acquired three years ago for $ 500 million, along with the San Diego Union-Tribune and a handful of weeklies. The report came just days after the newspaper’s former owner, Tribune Publishing, sold the rest of himself to the majority shareholder 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 biotechnology executive who is also a partner with the Los Angeles Lakers. He founded, and recently merged, two biotechnology companies, NantKwest and Immunitybio.
LA Times spokeswoman Hillary Manning said: “Dr. Soon-Shiong and his family continue to invest and plan for the future of the Los Angeles Times, and do not plan to sell the company. “
In October, Los Angeles Times executive editor Norman Pearlstine announced plans to resign, which he did in December, switching to a consultant position. The newspaper hired a search firm to manage the process of finding a replacement, which was expected to take several months.
The newspaper recently announced that it has hired Laura Wides-Muñoz of ABC News in Washington, DC, as assistant editor in the Washington office.
Inaccurate WSJ article. We are committed to @LATimes
– Dr. Pat Soon-Shiong (@DrPatSoonShiong) February 19, 2021