Patrick Soon-Shiong, owner of The Los Angeles Times, denies reports that he was exploring the sale of the company.
Friday’s denial came after The Wall Street Journal reported that the billionaire investor explored the sale of the company just three years after he bought the Times along with the San Diego Union-Tribune and other weekly Tribune Publishing Company in 2018 for $ 500 million.
“The WSJ article is inaccurate. We are dedicated to @LATimes “, he posted shortly on Twitter-Shiong. “Newspapers are important to the community. Support @LATimes and @sdut. ”
Newspapers are important to the community. Support @LATimes and @sdut https://t.co/dn76bM9ROL https://t.co/7kNPl4JZVO
– Dr. Pat Soon-Shiong (@DrPatSoonShiong) February 19, 2021
Citing people familiar with the matter, the newspaper reported that Soon-Shiong was considering a total sale of the company, bringing in an additional investor or transferring property management to another media group.
The paper also reported that the billionaire investor was considering selling or transferring management to the San Diego Tribune to another company, potentially MediaNews Group, which is owned by hedge fund Alden Global Capital.
Alden announces last week that it is acquiring Tribune Publishing in a $ 630 million deal.
Steve Severinghaus, a spokesman for The Journal, told The Hill in a statement: “We are aware of Dr. Soon-Shiong’s tweet. We are confident in our reporting and will continue to follow this evolving story. ”
The news comes after Norman Pearlstine announced in December that he resigned from his role as executive editor of the newspaper to take on an advisory role.
A separate employment firm manages the process to find Pearlstine replacements.
Updated: 8:40 p.m.