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Media News

Billionaire investor Patrick Soon-Shiong denies report of LA Times sale

FILE PHOTO: Patrick Soon-Shiong, medical researcher, inventor and chairman of the Chan Soon-Siong Foundation, attends the Cancer Moonshot news conference in Taipei, Taiwan September 26, 2016. REUTERS/Tyrone Siu

(Reuters) - Billionaire investor Patrick Soon-Shiong on Friday denied a report that said he was considering a sale of the Los Angeles Times newspaper.

The Wall Street Journal reported that the investor, who bought the newspaper in 2018, was looking to sell the publication. (on.wsj.com/37tDo4u)

"WSJ article inaccurate. We are committed to the @LATimes," Soon-Shiong said in a tweet here.

Soon-Shiong bought the publication for $500 million cash, along with the San Diego Union-Tribune and some other newspapers from Chicago-based publisher Tronc Inc, now known as Tribune Publishing Co.

Earlier this week, Alden Global Capital said it will buy Tribune Publishing, the owner of the Chicago Tribune, in a $630 million deal.

Soon-Shiong, a South African-born high-profile biotech executive and physician, is also part owner of the Los Angeles Lakers NBA basketball team and runs several medical companies.

Reporting by Tiyashi Datta in Bengaluru; Editing by Arun Koyyur

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