Tribune strengthens its position with $70.5 investmentStaff writer ▼ | May 23, 2016
Tribune Publishing said billionaire Patrick Soon-Shiong invested $70.5 million in the company, becoming its second largest shareholder.
Media A South African-born surgeon invested in Tribune
Los Angeles-based Soon-Shiong, through his fund Nant Capital, will hold about 12.9 percent in Tribune and join the publisher's board as vice chairman on June 2.
Soon-Shiong, a South African-born surgeon, is part-owner of the Los Angeles Lakers basketball team and a founder of two drug companies, which he sold for a total of $8.6 billion.
Tribune rejected Gannett's $15 per share cash offer, raised last week from $12.25 per share, saying it was not in the best interests of shareholders. ■