- Shares of
- The paper has been a thorn in Tronc's side after the newsroom voted to unionize last month.
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Tronc soars after finding a buyer for the Los Angeles Times (TRNC)
Shares of Tronc jumped as much as 65% on Wednesday morning after the media company completed the sale of the Los Angeles Times.
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Shares of Tronc soared 20% in early Wednesday trading after the company found a suitor to buy the Los Angeles Times.
Patrick Soon-Shiong, a Los Angeles-based physician and a major shareholder of Tronc, will buy the paper for $500 million. The bid will also include the Times' sister newspaper, the San Diego Union-Tribune, according to the Washington Post.
Soon-Shiong is the billionaire founder and CEO of Culver-based NantHealth, a biotech company.
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The news comes as welcome relief for Tronc shareholders as the Times has seen massive turnover in key positions at the paper as well as clashes with management over having more non-staff contributing writers write news content.
The journalists in the Los Angeles Times newsroom also voted overwhelmingly to form a union last month.
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