The owner of the Los Angeles Times and San Diego Union-Tribune says the sale of those papers is expected to close “in days or weeks,” Deadline reports. Tronc Chief Financial Officer Terry Jiminez provided the update during a conference call about the company’s fourth-quarter results.
“The sale to biotech billionaire Patrick Soon-Shiong, for $500 million in cash plus the assumption of $90 million of pension liability, was announced just last month,” Deadline notes. “It will give the print and digital concern, which was spun off from Tribune Media in 2014 with a quirky new name signifying ‘Tribune online content,’ a big infusion of cash.”
The report quotes Jiminez saying: “We are talking with our board about the best utilization of that cash.”
Deadline adds: “The sale of the Times follows a grueling period of months when publisher Ross Levinsohn was placed on leave during an investigation into allegations of sexual misconduct (he has since been reinstated) and the newsroom staff voted to unionize.”