|US billionaire buys Los Angeles Times for $ 500 million|
owner of the newspaper "Trunk" American media owner of the newspaper "The Los Angeles Times" to sell the newspaper to a billionaire for $ 500 million.
Nat Capital, owned by billionaire doctor Patrick Sun-Cheung (an South African), agreed to buy the paper and its sister San Diego Union Tribune from the Chicago-based Trunk Group.
The deal came in return for $ 500 million in cash paid by the doctor, in addition to carrying 90 million dollars in the form of pensions.
"We are delighted to bring the leadership of the Los Angeles Times and San Diego Union-Tribune to local ownership, and we are confident that the press excellence in B- California will continue for a long time to come," said Justin Dearborn, Chief Executive Officer of Tronc .
"We look forward to continuing the great journalism approach by journalists and editors at the Los Angeles Times and the San Diego Union Tribune," Sun Xiong said in a statement.
The Los Angeles Times has won 44 Pulitzer Press Awards (Columbia University, New York annually) since 1942, including six public service gold medals.
Tronc had previously resisted any effort to sell the paper, which is described as the "jewel of the crown" in its media empire. Recently, however, the paper saw several months of domestic turmoil.
The deal is expected to be finalized within three months, the New York Times reported.
Forbes magazine recently estimated Son-Xiong's fortune at eight billion dollars, and said it was the richest doctor in America.
Sun-Xiong has devoted much of his medical life to the development of cancer research.
The Los Angeles Times was founded on December 4, 1881, in Los Angeles, California, and has since been targeted by pro-Republican readers.
A daily newspaper with media and political weight in the United States, especially in California and the southern states, ranks fourth in terms of distribution within the country.[/size]