February 7, 2018 / 1:57 PM / 4 months ago

Tronc to sell LA Times and other publications for $500 million

Feb 7 (Reuters) - Tronc Inc said on Wednesday it would sell some newspapers, including the Los Angeles Times and the San Diego Union-Tribune, to billionaire biotech investor Patrick Soon-Shiong for $500 million in cash.

“This transaction allows us to fully repay our outstanding debt, significantly lower our pension liabilities and have a substantial cash position following the close of the transaction,” Tronc Chief Executive Justin Dearborn said in a statement.

The Times, acquired by Tronc’s predecessor Tribune Co in 2000, has undergone several management changes and rounds of layoffs, reflecting a struggle by newspapers in general to adapt to digital media. (Reporting by Supantha Mukherjee in Bengaluru; Editing by Shounak Dasgupta)

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