tronc, Inc. Announces Sale of the Los Angeles Times and The San Diego Union-Tribune to Dr. Patrick Soon-Shiong for $500 Million Plus the Assumption of $90 Million in Pension Liabilities
TRONC (TRNC)
Last tronc earnings: 11/1 04:30 pm
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US:NASDAQ Investor Relations:
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Source: GlobeNewswire
CHICAGO, Feb. 07, 2018 (GLOBE NEWSWIRE) -- tronc, Inc. (NASDAQ:TRNC) today announced that it has entered into a definitive agreement to sell the Los Angeles Times, The San Diego Union-Tribune and various titles in the California News Group (the Portfolio) to Nant Capital, LLC, a private investment vehicle of California-based entrepreneur Dr. Patrick Soon-Shiong, for $500 million in cash plus the assumption of $90 million in pension liabilities. “We are pleased to transition leadership of the Los Angeles Times and The San Diego Union-Tribune to local ownership, and we are certain that the journalistic excellence in Southern California will continue long into the future,” said Justin Dearborn, CEO of tronc. “This transaction allows us to fully repay our outstanding debt, significantly lower our pension liabilities and have a substantial cash position following the close of the transaction. We will have a versatile balance sheet that will enable us to be even more aggressive in exec
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