LOS ANGELES — The Los Angeles Times is on the verge of a sale that would take it from its Chicago-based parent company and put it in the hands of a local billionaire doctor. He’s among the richest men in Los Angeles and according to Forbes is the nation’s richest doctor, with a net worth of $7.8 billion. Word of the possible sale was met with cheers in the Times newsroom, according to tweets from reporters. Soon-Shiong’s holdings include not only his Tronc stock but also a minority interest in the Los Angeles Lakers that he purchased in 2011 from Magic Johnson, the team’s former superstar and current president of basketball operations. A return to local ownership would restore pride at the Times, said veteran media business analyst Ken Doctor.

Source: National Post February 06, 2018 23:55 UTC