Tronc (TRNC) will reportedly sell the Los Angeles Times to biotech billionaire Patrick Soon-Shiong, a major Tronc shareholder for around $500 million, according to published reports Tuesday.
The Washington Post was first to report on the pending deal, citing unnamed sources close to the situation. The Times itself reported that the deal would be worth about $500 million and would include the San Diego Union-Tribune.
The move would end Chicago-based Tronc's problematic 18-year oversight of Southern California's largest newspaper.
The newspaper's publisher, Ross Levinsohn, is on unpaid leave facing an investigation into sexual harassment claims. Its editor-in-chief was replaced last week after just three months on the job. And newsroom employees voted last month to join the News Guild-Communication Workers of America.