Los Angeles Times sold to local billionaire for $500m

The Los Angeles Times is being sold to a local billionaire for $500m (€402.64m), ending its strained tenure under the owner of the Chicago Tribune.

Dr Patrick Soon-Shiong is a major shareholder of Chicago's Tronc Inc, one of the richest men in Los Angeles and, according to Forbes, the nation's wealthiest doctor, with a net worth of $7.8bn (€6.29bn).