After 18 turbulent years under Chicago control, the Los Angeles Times returned to local ownership this summer and moved its operations from the paper’s iconic Art Deco building in downtown Los Angeles to El Segundo. Biotech billionaire Dr. Patrick Soon-Shiong spent $500 million to purchase The Times, the San Diego Union-Tribune, Hoy and a handful of community newspapers from Chicago-based Tronc , which changed its name back to Tribune publishing in the fall. Soon-Shiong moved most of the newspaper’s staff into a building near Los Angeles International Airport where he and his wife, Michele B. Chan Soon-Shiong, spent millions to create a 21st century newsroom. “I believe that fake news is the cancer of our times and social media the vehicles for metastasis,” Soon-Shiong wrote in a note to readers. “ Institutions like The Times and the Union-Tribune are more vital than ever. They must be bastions of editorial integrity and independence if they are to protect our democracy and provide an antidote to disinformation. We will continue our papers’ dedication to truth, integrity, journalistic independence, and storytelling that engages, informs, educates and inspires with care and compassion.”
Source: latimes.com – Los Angeles Times