By Lukas I. Alpert, Wall Street Journal
Billionaire biotech investor Patrick Soon-Shiong is exploring a sale of the Los Angeles Times less than three years after buying it for $500 million, people familiar with the matter said.
The move marks an abrupt about-face for Mr. Soon-Shiong, who had vowed to restore stability to the West Coast news institution and has invested hundreds of millions of dollars into the paper in an effort to turn it around.
A spokeswoman for the Los Angeles Times said Mr. Soon-Shiong and his family “continue to invest in and plan for the future of the Los Angeles Times, and do not plan to sell.” A tweet on Mr. Soon-Shiong’s account said: “WSJ article inaccurate. We are committed to the @LATimes.”