As of tomorrow, Biotech billionaire Dr. Patrick Soon-Shiong will be the owner of two of the most prominent media outlets in the world, the LA Times and San Diego Union-Tribune.
Soon-Shiong will spend a modest $500 million (modest in terms of his overall worth) to purchase the ownership of both publications. This will make Soon-Shiong the executive chairman of the California News Group. He immediately plans to relocate nearly 800 employees from downtown LA to the El Segundo offices.
Soon-Shiong is originally from South Africa and has an estimated worth of $7.5 billion. The former UCLA surgeon has built and sold two biopharmaceutical companies. He’s also heavily in the vaccine sector. In fact, later this year, Soon-Shiong intends to take a cancer vaccine company public.