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Billionaire near deal to purchase L.A. Occasions, San Diego Union Tribune

Los Angeles biotech billionaire Patrick Quickly-Shiong is nearing a deal to purchase the Los Angeles Occasions and the San Diego Union-Tribune from its guardian firm, Tronc, based on two individuals conversant in the talks.

The practically $500 million deal would return the Occasions to native possession after 18 years and symbolize a serious shift for Tronc, which has lengthy constructed its technique round proudly owning newspapers within the nation’s largest cities.

A deal had not been reached Tuesday afternoon, however each side had been working furiously to finish the transaction and an announcement may come rapidly, mentioned these sources, who weren’t licensed to talk about the negotiations publicly and requested anonymity.

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