Care billionaire planning to buy San Diego Union Tribune

Billionaire Los Angeles doctor Patrick Soon Shiong is buying the Los Angeles times for $500 million

Mr Patrick Soon-Shiong, a billionaire Los Angeles doctor and one of Tronc's major shareholders, is close to buying the Times, two people familiar with the negotiations said on Tuesday (Feb 6), in a US$500 million (S$659.03 million) deal that would include the newspaper's sister publication, The San Diego Union-Tribune.

Patrick Soon-Shiong, a South African-born American physician, biotech magnate and investor, spent his weekend engaged in intense talks to buy the L.A. Times and the Union-Tribune.

The Los Angeles Times has been the source of sale rumors before.

Shares of Tronc rose more than 40 percent to $25.72 in premarket trading. An investigation a year ago by Politico found "found that the majority of [Soon-Shiong's NantHealth Foundation's expenditures] flow to businesses and not-for-profits controlled by Soon-Shiong himself, and the majority of its grants have gone to entities that have business deals with his for-profit firms". Maybe. But analysts cautioned against reading too deeply into the L.A. Times deal. A new editor, Jim Kirk, was named in late January following rising concern by staffers over the direction of newsroom management and concerns about the blurring of the line between the news and business departments. After just five months as the paper's top editor, D'Vorkin became the chief content officer at Tronc instead. He is now the executive editor at The New York Times. The company has a market cap of almost $750 million. And Tronc spent $4.6 million from February 2016 through September 2017 to sublease and operate a Bombardier jet for Ferro.

State Bank of India posts surprise loss in third quarter
Kumar made it clear that the new infusion is not for covering loan losses through provisions , but would serve as growth capital. The SBI scrip closed 1.68% down at Rs 296.40 a piece on the BSE as against a 1.18% correction in the benchmark .

Additionally, Times publisher Ross Levinsohn was put on leave last month after the disclosure of sexual harassment allegations against him while he worked at other companies. He was also alleged to have fostered a "frat-boy atmosphere" at his previous companies.

Kahn, who wrote about Soon-Shiong's charitable giving for Los Angeles Magazine, said it would great if Soon-Shiong sees his investment in the newspapers as a way to boost civic culture and standing in Southern California - as long as there's a clear separation from his other companies.

Problems at the paper have persisted since Times Mirror, its parent, was sold to Chicago-based Tribune in 2000 as the newspaper industry was contracting amid the rise of the internet.

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