Billionaire former surgeon takes over 
LA Times on Monday

Biotech billionaire Dr. Patrick Soon-Shiong, a South African native and former UCLA surgeon, on Monday will take control of the Los Angeles Times and San Diego Union-Tribune, which have existed for more than 135 years.

Soon-Shiong forked over $500 million for the priviledge. The deal, which was announced Feb. 7, returns The Times to local ownership after 18 years under Chicago control.

The emphasis will switch from the printed newspaper to digital coverage. Newspaper advertising revenue in America peaked in 2005 at nearly $50 billion. It’s less than $17 billion and dropping now.

Soon-Shiong also owns six California hospitals.

The 800 employees will move from Los Angeles, the paper’s home since 1935, to El Segundo by the end of July. The Times once had 1,200 journalists on its payroll. About 400 remain.

To read the full article, go to http://www.latimes.com/business/hollywood/la-fi-ct-patrick-soon-shiong-latimes-sold-20180616-story.html