RSS   Newsletter   Contact   Advertise with us

Tribune strengthens its position with $70.5 investment

Staff writer ▼ | May 23, 2016
Tribune Publishing said billionaire Patrick Soon-Shiong invested $70.5 million in the company, becoming its second largest shareholder.
Tribune Publishing
Media   A South African-born surgeon invested in Tribune
Tribune also rejected Gannett's latest takeover offer, but said on Monday that it would allow the publisher of USA Today access to some confidential corporate information.

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.