Biotech billionaire investor Patrick Soon-Shiong investigated the Los Angeles Times report and said he was “committed” to the newspaper.
He tweeted his commitment shortly after a story in The Wall Street Journal said that Soon-Shiong was investigating a sale of the $ 500 million publication he obtained three years ago, along with the San Diego Union-Tribune and a handful of weekly magazines. The report comes days after the former owner of the magazine Tribune Publishing sold the rest of itself to majority shareholder fund Alden Global Capital, which has driven the WSJ as a potential buyer.
“WSJ article inaccurate. We are committed to the @LATimes, ”said Soon-Shiong, a South African-born surgeon, scientist and biotechnology executive who is also co-owner of the Los Angeles Lakers. He founded two biotechnology companies, NantKwest and Immunitybio, and recently merged.
Hillary Manning, spokeswoman for the LA Times, said: “Dr. Soon-Shiong and his family continue to invest in and plan for the future of the Los Angeles Times, and have no plans to sell the company. ”
In October, Norman Pearlstine, executive editor of the Los Angeles Times, announced plans to retire, which he did in December, to an advisory role. The newspaper hired a search firm to find the process to find a replacement, which was expected to take several months.
The newspaper recently announced that he has appointed Laura Wides-Muñoz, of ABC News in Washington, DC, as deputy editor of the Washington bureau.
WSJ article incorrect. We are committed to the @LATimes
– Dr. Pat Soon-Shiong (@DrPatSoonShiong) 19 February 2021