Patrick Soon-Shiong, the L.A. billionaire battling for control of Los Angeles Times owner Tronc Inc., is pressuring the company’s board to allow him to buy more stock now that Chairman Michael Ferro has been allowed to up his stake. For now, he is limited to holding 25% under an agreement signed when he invested in the company last year. Ferro, a Chicago entrepreneur who bought into Tronc last year through his firm Merrick Media, had also been limited to holding no more than 25%. But Tronc’s board last week approved bumping that figure up to 30% in a move made public by a Securities and Exchange Commission filing. In Monday’s letter, Quinn said that Tronc’s treatment of the doctor and his investment firm, Nant Capital, has been “egregious” and demanded that the board allow Soon-Shiong to boost his stake in Tronc.

Source: Los Angeles Times March 27, 2017 22:18 UTC