Is Patrick Soon-Shiong willing to lose money to make the LA Times great again?

Local biotech billionaire Patrick Soon-Shiong paid $500 million for the Los Angeles Times, along with the San Diego Union Tribune and a few other local papers. He quickly hired Norman Pearlstine as the new executive editor for the Times. Pearlstine has spent some 50 years in journalism. He’s been at Time magazine, the Wall Street Journal, Bloomberg News and Forbes. They plan to turn the paper around after years of turmoil, top editors coming and going, low staff morale.

(L) Patrick Soon-Shiong, the owner of LA Times, with
(R) Norman Pearlstine, the executive editor of LA Times.

Photos courtesy of NantWorks and LA Times.