The sale of the Los Angeles Times and San Diego Union-Tribune to California health care mogul Dr. Patrick Soon-Shiong does not appear to be going smoothly.
The New York Post reports that Soon-Shiong faces a deadline and “must soon decide whether to complete his $500 million purchase” of the papers or walk away. The report notes that many observers think the price is too high.
“For the last month, Soon-Shiong has attempted to walk a more undefined route — delaying closing on the deal despite winning regulatory approval on March 5 while perhaps weighing a move to seek a cut in the purchase price,” The Post reports.
Not surprisingly, sources said Tronc, which owns the Times, appears to be opposed to a price cut.
“While the mogul has dithered, at least two prospective buyers for all of Tronc have emerged, creating some urgency, sources said,” The Post reports. “One suitor is Japan-based SoftBank, a source on Monday confirmed to The Post.”
The report notes that Leon Black’s Apollo Global Management is also eyeing a purchase of Tronc.
As we reported Monday, Soon-Shiong met last week with L.A. Times staffers and announced that he was moving the paper’s headquarters from L.A. to El Segundo.