Billionaire Patrick Soon-Shiong Ups Stake in LA Times Parent Tronc

Biotech billionaire Dr. Patrick Soon-Shiong has upped his stake in Los Angeles Times parent Tronc in a move that could portend an attempt to take control of the media outlet formerly known as Tribune Publishing.

Soon-Shiong, who earned his fortune developing cancer treatments, acquired 2 million shares priced at $15 each from HG Vora Capital Management, giving him slightly fewer than 9 million shares in total, or 24 percent, according to a Tuesday SEC filing.

He now holds nearly as much Tronc stock as chairman and controlling owner Michael Ferro, who has about 9.1 million shares, making up a little more than 24.8 of the company.

Also Read: Tronc Q3 Revenues Down 6.9 Percent From 2015

Soon-Shiong’s Nant Capital first bought into tronc in June with $70.5 million worth of shares, which made the life sciences entrepreneur the publishing company’s second-largest shareholder. He was also named vice chairman of the company’s board.

Soon-Shiong added more shares late last year after Gannett terminated its bid to acquire Tronc, which owns publications including the Chicago Tribune, Orlando Sentinel and Baltimore Sun in addition to its flagship Los Angeles Times.

However, on Friday, Tronc announced in a filing that it would reduce the size of its board from nine to seven seats, pushing out Soon-Shiong in the process. The filing also said that an agreement between Tronc and Soon-Shiong’s NantWorks that involved the publisher getting rights to NantWorks’ patents has not yet been finalized.

Also Read: Gannett Drops Tronc Takeover Pursuit

Soon-Shiong is one of the wealthiest people in Los Angeles with an estimated $15.4 billion net worth, according to the Los Angeles Business Journal.

Shares of tronc closed Tuesday at $13.11, down 4 percent on the day.

7 Newspapers That Broke Tradition to Oppose Donald Trump (Photos)

Houston Chronicle – July 29

"The Chronicle editorial page does not typically endorse early in an election cycle...These are unsettling times, even if they're not the dark, dystopian end times that Trump lays out. They require a steady hand. That's not Donald Trump."

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Dallas Morning News – Sept. 7

"We recommend Hillary Clinton. We don't come to this decision easily. This newspaper has not recommended a Democrat for the nation's highest office since before World War II — if you're counting, that's more than 75 years and nearly 20 elections." They concluded their position with, "Whatever you do, however, resist the siren song of a dangerous demagogue. By all means vote, just not for Donald Trump."

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Cincinnati Enquirer – Sept. 23

"The Enquirer has supported Republicans for president for almost a century – a tradition this editorial board doesn’t take lightly...[There] is only one choice when we elect a president in November: Hillary Clinton."

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Arizona Republic – Sept. 27

“The 2016 Republican candidate is not conservative and he is not qualified. That’s why, for the first time in our history, The Arizona Republic will support a Democrat for president.”

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USA Today – Sept. 30

"In the 34-year history of USA TODAY, the Editorial Board has never taken sides in the presidential race...This year, one of the candidates — Republican nominee Donald Trump — is, by unanimous consensus of the Editorial Board, unfit for the presidency.”

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San Diego Union Tribune - Sept. 30

"This paper has not endorsed a Democrat for president in its 148-year history. But we endorse Clinton. She’s the safe choice for the U.S. and for the world, for Democrats and Republicans alike."

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The Atlantic -- Oct. 5

"We are impressed by many of the qualities of the Democratic Party’s nominee for president, even as we are exasperated by others, but we are mainly concerned with the Republican Party’s nominee, Donald J. Trump, who might be the most ostentatiously unqualified major-party candidate in the 227-year history of the American presidency."

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Some major publications have turned their backs on a GOP presidential candidate for first time in over a century

Houston Chronicle – July 29

"The Chronicle editorial page does not typically endorse early in an election cycle...These are unsettling times, even if they're not the dark, dystopian end times that Trump lays out. They require a steady hand. That's not Donald Trump."

Also Read: Hillary Clinton Trolls Donald Trump With 3 AM Tweets

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7 Newspapers That Broke Tradition to Oppose Donald Trump (Photos)

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