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Tronc sells Los Angeles Times for $500M

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After news reports surfaced, Tronc on Wednesday made it official. It sold the Los Angeles Times for $500 million.

The buyer is billionaire Patrick Soon-Shiong, a health care mogul and former surgeon.

Soon-Shiong also picked up the The San Diego Union-Tribune, as well as smaller publications in the California News Group.

Read more from The New York Times.

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