Tribune’s Fate Is Now in the Hands of LA Billionaire Patrick Soon-Shiong
- Biotech mogul owns 24% and could stop takeover by Alden
- Competing suitor Bainum struggles to arrange financing
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When billionaire biotech mogul Patrick Soon-Shiong bought the Los Angeles Times in 2018, he was seen as a white knight, rescuing the newspaper from a potentially bleak future.
Now, as the second-largest shareholder of Tribune Publishing Co., Soon-Shiong is in a position to decide the future of local news across the country. On Friday, he and other investors will vote on the sale of the newspaper chain to Alden Global Capital, a hedge fund that’s notorious for making deep cuts at the newspapers it owns.