Tronc, Inc. announced today that it has entered into a definitive agreement to sell the Los Angeles Times and The San Diego Union-Tribune to Nant Capital, LLC, a private investment vehicle of California-based entrepreneur Dr. Patrick Soon-Shiong.
The transaction is expected to close in the late first quarter or the early second quarter of 2018.
Dr. Patrick Soon-Shiong is the founder and chief executive officer of NantWorks, a group of startups that aim to revolutionize every aspect of digital healthcare.
He is currently a member of the Blue Ribbon Panel at the National Cancer Institute, a member of the Health Information Technology Advisory Committee at the Department of Health and Human Services and co-chair of the CEO Council on Health and Innovation at the Bipartisan Policy Center.
In addition, Tronc announced that it is creating a new division-Tribune Interactive-which will operate the digital functions for the company.
Ross Levinsohn, former publisher and chief executive officer of the Los Angeles Times, who has been cleared of wrongdoing, was reinstated as chief executive officer of Tribune Interactive.
Mickie Rose, former president of the Los Angeles Times, will become president of the new division.
Lewis DVorkin, former editor-in-chief of the Los Angeles Times, will assume the role of chief content officer of Tribune Interactive.
