LOS ANGELES (AP) - The Latest on the sale of the Los Angeles Times (all times local):
8:05 a.m.
Tronc Inc. says former Los Angeles Times publisher Ross Levinsohn has been cleared of wrongdoing after an investigation into why he was named a defendant in two sexual harassment lawsuits. Levinsohn will be reinstated at Tronc as CEO of its newly reorganized Tribune Interactive division.
The news comes shortly after Tronc announced Wednesday that it was selling the LA Times to Dr. Patrick Soon-Shiong for $500 billion. Shiong is a major shareholder of Tronc and one of the richest men in Los Angeles.
A press release says an independent investigation determined Levinsohn had done nothing wrong. He had been on unpaid leave from the Times.
Lewis D’Vorkin, who was briefly the Times’ editor, will serve as Chief Content Officer of Tribune Interactive.
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6:05 a.m.
The Los Angeles Times is being sold to a local billionaire for $500 million, ending its strained tenure under the owner of the Chicago Tribune.
Dr. Patrick Soon-Shiong is a major shareholder of Chicago’s Tronc Inc., one of the richest men in Los Angeles and, according to Forbes, the nation’s wealthiest doctor, with a net worth of $7.8 billion.
The announcement Wednesday means that for the first time in 18 years the Times will be under local ownership. Soon-Shiong takes over in a time of turmoil at the paper. The paper just replaced its top editor, the third switch at the top job in the newsroom in six months. Publisher Ross Levinsohn is on unpaid leave after revelations that he was a defendant in two sexual harassment lawsuits elsewhere.
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