The billionaire doctor who bought the Los Angeles Times says returning the newspaper to local ownership will give the paper a chance to preserve its mission and its independence.
Dr. Patrick Soon-Shiong bought the Times and the San Diego Union-Tribune for $500 million on Wednesday from Chicago-based Tronc, Inc.
He sent a letter to the employees of both papers on Wednesday night, saying the decision to buy it is “deeply personal” for him and his family as residents of Southern California.
He says he’s a great admirer of the work done on the newspapers and assures the staffs that he will give them the tools and resources they need to produce high-quality journalism.
Soon-Shiong says growing up in apartheid South Africa helped teach him the value of a strong, independent press in making a free society.