profishingrods.com
profishingrods.com November 14, 2018


Los Angeles Times sold to local billionaire for USD500 million

09 February 2018, 10:22 | Randall Craig

Tronc sells LA Times, other publications for $500mn

Los-Angeles-Times-Sale

-The struggling Los Angeles Times found a local savior in a biotech billionaire willing to buy the storied newspaper from a corporation half a continent away, but the change of ownership brings its own set of questions and uncertainty.

The deal includes The San Diego Union-Tribune, various titles in the California News Group and the assumption of $90 million in pension liabilities.

Soon-Shiong has been the subject of several unflattering reports, including in the Times, which have raised concerns about his business practices and charitable giving.

Tell us why you read The Times and what you want the new owner to know. Last month, journalists at the paper, defying pressure from the publication's leaders to abandon the effort.

Clashes between the Times and its Chicago-based owner erupted not long after it acquired the West Coast paper in 2000.

Levinsohn has been on unpaid leave since January 19 following a report by National Public Radio that he was the defendant in two sexual harassment lawsuits.

Los-Angeles-Times-Sale-3
Soon-Shiong Associated Press

Also tossed a Tronc lifeline was Lewis D'Vorkin, who was ousted in January as editor-in-chief of the LA Times after two months on the job. Tronc said Wednesday he was cleared of any wrongdoing.

Overall, the response among Times staffers to the news of the reported sale was positive, one reporter in the newsroom tweeted on Tuesday.

Now, the 44-time Pulitzer-winning institution is banking on the same strategy as the Washington Post (Jeff Bezos), The Boston Globe (John Henry), and the Minneapolis Star Tribune (Glen Taylor): it's hoping a billionaire will turn the ship around.

"Here's the difference: The ownership today does not promise lucrative returns".

In a note to staff at the publications‚ quoted by the Los Angeles Times‚ Soon-Shiong wrote: "It is often said that Southern California is the place where the world comes to see its future".

"Given the huge challenges still faced by news publishing in the age of Google/Facebook ad duopoly and still-onrushing digital disruption, even a billionaire has his work cut out for him", Doctor said.






Other News

Trending Now

Model 3 Delays Create Losses for Tesla
Given that Tesla's first quarter ends in less than two months, management must have a high level of confidence in this target. The proposal also gives Musk the option of naming another CEO so he can concentrate on design and engineering at the company.

Pelosi stages talkathon to push for vote for 'dreamers'
Mark Meadows, the Freedom Caucus chairman, estimated that about 50 may be needed to make up for GOP defections and ensure passage. Pelosi, whose meager communication skills prompt many to underestimate her leadership skills, may not have an end game.

Student dies outside Missoula nightclub following crushing incident
Witnesses said that there were about 600 people inside the club in the city. "The girl was trapped under the fence and crushed". One student, who wished to remain anonymous, said: "They were queuing to get in, my friend was in the queue".

Celtics rumors: A Marcus Smart trade is now unlikely
However, Danny Ainge is reportedly "holding the line on what be believes is proper value" to the frustration of teams. Chris Mannix of Yahoo! Emmanuel Mudiay , the player the Nuggets have apparently made available, is a first round pick.

OMB tells agencies to start notifying employees of possible lapse in appropriations
Mattis urged the Congress to lift the defense spending cap and said a shutdown would "paralyze everything" the military does. The White House on Wednesday cheered a bipartisan, two-year budget deal announced by Senate leaders.

Hot Performer of the day: Wal-Mart Stores Inc. (NYSE:WMT)
Toth Financial Advisory Corp increased its stake in Wal (WMT) by 9.63% based on its latest 2017Q3 regulatory filing with the SEC. State Of Wisconsin Investment Board holds 0% in Graphic Packaging Holding Company (NYSE:GPK) or 63,062 shares.

Despite DACA, Democrats should take the deal
The House and Senate today are expected to vote on a bipartisan budget deal that funds the government for two years. Ryan could potentially have to rely on half of the House Democrats voting for the plan in order for it to pass.

Senators Agree On 2-Year Government Spending Deal
Speaking on the Senate floor , Schumer called the agreement " the best thing we've done " for the economy and the middle class. To become law, the package would have to pass both houses of Congress and be signed by President Donald Trump .

Tesla, Inc. (NASDAQ:TSLA) Expected To Report Earnings On Wednesday
Finally, BidaskClub raised Tesla from a "strong sell" rating to a "sell" rating in a research report on Wednesday, January 24th. The firm earned "Hold" rating on Tuesday, July 26 by Stifel Nicolaus. (NASDAQ:TSLA) on Thursday, August 3 with "Buy" rating.

Why the Grizzlies didn't trade Tyreke Evans, and why fans are mad
Chris Wallace and the front office should have accepted whatever was available in the last minutes before the deadline. The thoughts are that the team will offer him the mid-level exception at a little over $8 million a year.