The Los Angeles Times is locally owned for the first time in nearly 20 years, after Dr. Patrick Soon-Shiong took ownership of the newspaper Monday, reports CNN Money.
Soon-Shiong acquired the Times, The San Diego Union-Tribune, and the rest of the California News Group from Tronc for $500 million, telling employees in a memo that he hopes to make the Times competitive with The New York Times and The Washington Post. "I've not gone into this transaction from a financial basis at all," he wrote. "There's an opportunity to make a major impact on the nation."
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