Local billionaire Patrick Soon-Shiong takes ownership of the Los Angeles Times

The Los Angeles Times.
(Image credit: David McNew/Getty Images)

The Los Angeles Times is locally owned for the first time in nearly 20 years, after Dr. Patrick Soon-Shiong took ownership of the newspaper Monday, reports CNN Money.

Soon-Shiong acquired the Times, The San Diego Union-Tribune, and the rest of the California News Group from Tronc for $500 million, telling employees in a memo that he hopes to make the Times competitive with The New York Times and The Washington Post. "I've not gone into this transaction from a financial basis at all," he wrote. "There's an opportunity to make a major impact on the nation."

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Summer Meza, The Week US

Summer Meza has worked at The Week since 2018, serving as a staff writer, a news writer and currently the deputy editor. As a proud news generalist, she edits everything from political punditry and science news to personal finance advice and film reviews. Summer has previously written for Newsweek and the Seattle Post-Intelligencer, covering national politics, transportation and the cannabis industry.