Biotech billionaire Patrick Soon-Shiong’s pharmaceutical company is facing a billion dollar lawsuit from a competitor, as his newspaper, the LA Times, still doesn’t have an executive editor and its digital base is experiencing slower than expected growth. The Wall Street Journal also reported that Soon-Shiong is looking to sell the LA Times and its sister paper The San Diego Union-Tribune, though he has repeatedly denied that and disputed the Journal’s reporting.
A spokesperson for the LA Times issued the following statement to KCRW after this segment first aired:
“Dr. Soon-Shiong and his family continue to invest in and plan for the future of the California Times, which includes the L.A. Times and San Diego Union-Tribune, and do not plan to sell.”