Patrick Soon-Shiong

Billionaire doctor demands right to buy more shares in fight for control of L.A. Times parent

Billionaire doctor demands right to buy more shares in fight for control of L.A. Times parent

Patrick Soon-Shiong, the L.A. billionaire battling for control of Los Angeles Times owner Tronc Inc., is pressuring the company’s board to allow him to buy more stock now that Chairman Michael Ferro has been allowed to up his stake.

In a letter sent Monday to Tronc executives and obtained by The Times, John Quinn, an attorney for Soon-Shiong, said the company should immediately allow the biotech entrepreneur and his investment firm to own as much as 30% of Tronc stock. For now, he is limited to holding 25% under an agreement signed when he invested in the company last year.

Ferro, a Chicago entrepreneur who bought into Tronc last year through his firm Merrick Media, had also...

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