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Patrick Soon-Shiong

L.A. Times owner buys out major shareholder that pushed for sale of company

L.A. Times owner buys out major shareholder that pushed for sale of company

The owner of the Los Angeles Times on Thursday bought out a major shareholder that had pushed for a sale — and at the same time gave the company’s chairman, Michael Ferro, the ability to boost his ownership stake.

The moves heightens competition between the newspaper company’s two largest shareholders, Ferro and L.A. billionaire Dr. Patrick Soon-Shiong. Tronc Inc. owns The Times, the Chicago Tribune and other daily newspapers. Ferro and Soon-Shiong have been steadily buying up more shares of the company, but had been limited to purchasing no more than 25% of outstanding shares.

In a regulatory filing Thursday, Chicago-based Tronc reported that it had paid $56.2 million —...

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