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Local billionaire buys Los Angeles Times for $500 million

n this May 16, 2016, file photo, pedestrians look at news photos posted outside the Los Angeles Times building in downtown Los Angeles. It was announced Wednesday, Feb. 7, 2018, that the Los Angeles Times is being sold to Dr. Patrick Soon-Shiong, a local billionaire, for $500 million, ending its strained tenure under the owner of the Chicago Tribune. Soon-Shiong is a major shareholder of Chicago's Tronc Inc., one of the richest men in Los Angeles and, according to Forbes, the nation's wealthiest doctor, with a net worth of $7.8 billion. (AP Photo/Richard Vogel, File)

n this May 16, 2016, file photo, pedestrians look at news photos posted outside the Los Angeles Times building in downtown Los Angeles. It was announced Wednesday, Feb. 7, 2018, that the Los Angeles Times is being sold to Dr. Patrick Soon-Shiong, a local billionaire, for $500 million, ending its strained tenure under the owner of the Chicago Tribune. Soon-Shiong is a major shareholder of Chicago's Tronc Inc., one of the richest men in Los Angeles and, according to Forbes, the nation's wealthiest doctor, with a net worth of $7.8 billion. (AP Photo/Richard Vogel, File)