Soon-Shiong, a major shareholder in Tronc and chief executive of NantHealth Inc, will buy the publications. :
Tronc Inc said on Wednesday it would sell the Los Angeles Times, the San Diego Union-Tribune and some other newspapers to billionaire investor Patrick Soon-Shiong for $500 million in cash. Shares of Tronc rose more than 40 percent to $25.72 in premarket trading. Tronc expects to use the cash proceeds from the deal to boost its digital businesses by increasing investments and acquisitions.