In Los Angeles- a Billionaire Doctor Patrick Soon-Shiong Takes On an Ailing Newspaper – The New York Times

LOS ANGELES — He was perhaps the least famous billionaire in a city brimming with wealthy celebrities.

But Patrick Soon-Shiong, 65, a doctor who turned a cancer drug into a multibillion-dollar biotech empire, emerged on Wednesday as a major figure in Los Angeles life with his surprise $500 million purchase of The Los Angeles Times and its sister newspaper, The San Diego Union-Tribune.

Dr. Soon-Shiong has a long — and sometimes checkered — history in the medical field going back to the 1990s, but has kept a relatively low profile in the political, cultural and philanthropic doings of the city. He now faces the challenge of stabilizing a newspaper engulfed by turmoil and diminished in resources.

His is an immigrant’s tale that captures the story of Los Angeles today: a Chinese doctor who was raised in South Africa before coming to Los Angeles to make his fortune. He is worth an estimated $8 billion, and has been called the richest man in Los Angeles. He is a part owner of the Los Angeles Lakers, having bought Magic Johnson’s 4.5 percent stake in the team in 2010 before setting his sights on what friends said he viewed as the ultimate prize of social cachet: the 136-year-old, award-winning newspaper that has long displayed the city’s ambitions to the world.

Dr. Soon-Shiong was already a major shareholder at the newspaper, joining the board of Tribune Publishing, which later became known as Tronc, in May 2016. In purchasing The Times, he has accomplished what eluded some of the most established business leaders here who have flirted for years with buying it — Eli Broad, David Geffen and Austin Beutner among them.

via In Los Angeles, a Billionaire Doctor Takes On an Ailing Newspaper – The New York Times

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About David Lindsay Jr

David Lindsay is the author of "The Tay Son Rebellion, Historical Fiction of Eighteenth- Century Vietnam," that covers a bloody civil war from 1770 to 1802. It was published by Footmad and Cherry Blossom Press on September 11, 2017. Find more about it at TheTaySonRebellion.com, also known as, DavidLindsayJr.com.
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