Tronc To Sell Los Angeles Times, San Diego Union-Tribune To Patrick Soon-Shiong

(RTTNews) - tronc, Inc. (RNC) said that it agreed to sell the Los Angeles Times, The San Diego Union-Tribune and various titles in the California News Group to Nant Capital, LLC, a private investment vehicle of California-based entrepreneur Dr. Patrick Soon-Shiong, for $500 million in cash plus the assumption of $90 million in pension liabilities.

The transaction is expected to close in the late first quarter or early second quarter of 2018, subject to antitrust clearance under the Hart-Scott-Rodino (HSR) Act and other customary conditions.

The transaction has been approved by the tronc board of directors. Financing and shareholder approval are not conditions to close.

Separately, tronc said it has acquired a majority ownership stake in BestReviews, the high growth online product review company based in San Francisco, California, and Reno, Nevada.

BestReviews' current owners will retain a minority ownership position and continue to oversee and manage all operations.