Patrick Soon-Shiong, the owner of The Los Angeles Times, denies reports that he was exploring the sale of the company.
The denial came Friday later The Wall Street Journal reported that the billionaire investor was exploring selling the company just three years after buying the Times along with the San Diego Union-Tribune and other Tribune Publishing Company weekly in 2018 for $ 500 million.
“Inaccurate WSJ article. We are committed to @LATimes, “tweeted Soon-Shiong.” Newspapers are important to the community. Support @LATimes and @sdut. ”
Newspapers are important to the community. Support @LATimes i @sdut https://t.co/dn76bM9ROL https://t.co/7kNPl4JZVO
– Dr. Pat Soon-Shiong (@DrPatSoonShiong) February 19, 2021
Citing people who were familiar with the matter, the newspaper reported that Soon-Shiong was considering a direct sale of the company, the incorporation of an additional investor or the transfer of property management to another media group.
The newspaper also reported that the billionaire investor was considering selling or transferring management of the San Diego Tribune to another company, potentially MediaNews Group, owned by hedge fund Alden Global Capital.
Alden announced last week which Tribune Publishing acquires in a $ 630 million deal.
Steve Severinghaus, a spokesman for The Journal, told The Hill in a statement: “We are aware of Dr. Soon-Shiong’s tweet. We are confident of our information and will continue to follow this developing story.”
The news comes after Norman Pearlstine announced in December who left his role as executive editor of the newspaper to take on an advisory role.
An independent hiring company manages the process to find Pearlstine replacements.
Update: 20:40 h