Tronc Sells LA Times and San Diego Union-Tribune for $500 Million in Cash
Billionaire Dr. Patrick Soon-Shiong buys the southern California papers.
On Wednesday, Tronc (NASDAQ: TRNC) announced it would sell the Los Angeles Times and The San Diego Union-Tribune for $500 million to billionaire Dr. Patrick Soon-Shiong in an all-cash sale. Soon-Shiong, who is the second-largest shareholder of Tronc, also agreed to buy Spanish-language Hoy Los Angeles and community newspapers. assume $90 billion in pension liabilities. The after-tax proceeds from the sale will be used to repay all outstanding corporate debt. The deal is expected to close late in the first quarter or early in the second quarter of 2018.
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