June 6, 2025 #1 Local News, Information and Event Source for the Century City/Westwood areas.

Owner of LA Times Buys Out Major Shareholder

The owner of the Los Angeles Times has bought out a major shareholder who had pushed for a sale, and also gave the company’s chairman, Michael Ferro, the ability to boost his ownership stake, it was reported Friday.

The moves heightens competition between the newspaper company’s two largest shareholders, Ferro and L.A. billionaire Dr. Patrick Soon-Shiong, the Los Angeles Times reported. 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 percent of outstanding shares.

In a regulatory filing Thursday, Chicago-based Tronc reported that it had paid $56.2 million — more than a quarter of the company’s year-end cash on hand — to acquire shares owned by Oaktree Capital Management, which had pushed the board to accept a $15-a-share offer from Gannett. The offer has been withdrawn. The price paid Oaktree represents a 14 percent premium over Thursday’s closing share price of $13.16.

In the same filing, the company said Ferro would be allowed to acquire as much as a 30 percent stake in the company. That change would allow Ferro to hold more shares than Soon-Shiong.

A spokesman for Soon-Shiong said Thursday that the L.A. physician and investor was caught off guard by Thursday痴 news and that he plans to petition the board to allow him to boost his stake, too, The Times reported. Soon-Shiong remains a board member until the company’s annual shareholder meeting in April.

“Dr. Soon-Shiong’s attorneys will be writing the company to request his contract also be amended to allow his stake to also be increased to 30 percent from 25 percent,” according to an emailed statement cited by The Times. “He believes all shareholders should be treated the same.”

There was no immediate response from Tronc.

Los Angeles Times

Related Posts

Amazon Brings ‘The Boys’ to Life with Satirical Ice Show at Century City Mall

June 6, 2025

June 6, 2025

Fans Can Experience Holiday-Themed Skating Show and Costume Exhibits Amazon MGM Studios is bringing a frosty dose of satire to...

Reality Star Abby Lee Miller Sues Cedars-Sinai Over Catheter Left in Body After Surgery

June 5, 2025

June 5, 2025

Miller Is Seeking $1.5 Million in Damages, Claiming Doctors Failed to Remove a Catheter Abby Lee Miller, the former star...

Peacock Declares ‘BLSH*T Day’ with Free Burgers Across L.A. to Celebrate “Poker Face” Season 2

June 5, 2025

June 5, 2025

Streaming Platform Partners With 13 Burger Spots for One-Day Giveaway on June 7 To mark the return of its mystery...

LAPD to Conduct DUI Checkpoint and Saturation Patrols Starting June 6

June 5, 2025

June 5, 2025

First-Time DUI Offenders Face Steep Penalties and Suspension of License The Los Angeles Police Department will conduct a DUI checkpoint...

Marina del Rey Sportfishing: A Great Day on the Water

June 5, 2025

June 5, 2025

Fishing is a pastime like no other, America’s Most Popular Outdoor Activity for Year in and Year out! You can...

(Video) See How CO2 Laser Treatment Removes Wrinkles and Scars

June 5, 2025

June 5, 2025

To Book an Appointment, Go to Mirrormirrormedspa.com To Book an Appointment, Go to https://t.co/GQ7DNcGw8E pic.twitter.com/OdAVVpLIcw — CCNewsLA (@CCWNNews) June 5,...

Film Review: Dangerous Animals

June 4, 2025

June 4, 2025

By Dolores Quintana There’s nothing quite like a good shark horror movie, especially since we are heading into summer. With...

Erewhon and LGBTQ Singer Kali Uchis Serve Summer Smoothie for a Good Cause

June 4, 2025

June 4, 2025

The Sincerely Smoothie Blends Passionfruit, Pitaya, and Malk Coconut Milk LGBTQ singer Kali Uchis has teamed up with Erewhon to...

Levain Bakery and Wanderlust Creamery Team Up for a Sweet Cause This Saturday

June 4, 2025

June 4, 2025

Lily Rosenthal and Chef Mason Royal Host a Cookie & Ice Cream Celebration Larchmont’s Levain Bakery will host a community...

Vietnamese Street Food Pop-Up ‘Little C’ Returns to Crustacean for Limited Lunch Series

June 4, 2025

June 4, 2025

After a Sold-Out Debut, the Fan-Favorite Phở-Forward Concept Reopens  Following a sold-out debut, the Vietnamese street food concept “Little C”...

Fogo de Chão Unveils Fiery Off-Menu Cocktail, the Paper Flame

June 4, 2025

June 4, 2025

Tequila-Based Drink Features a Dramatic Tableside Presentation Fogo de Chão has unveiled its first-ever secret cocktail, the Paper Flame, an...

Marelle Launches ‘The Guest List’ With Renowned Chefs and Friends Alan Wong and Raphael Lunetta

June 4, 2025

June 4, 2025

Santa Monica’s New Chef Series Debuts With a Culinary Celebration of California and Hawaiian Flavors Marelle, a coastal dining destination...

Culver City’s Citizen Public Market Launches Summer Lineup of Food and Art

June 4, 2025

June 4, 2025

From Brats to Biryani: Citizen Public Market Unveils Fantastic New Flavors  Culver City’s Citizen Public Market is rolling out a...

(Video) Some of the Damage Caused By Vandals at Malibu High School Overnight

June 4, 2025

June 4, 2025

40 to 50 people, who are suspected to be students or recent alumni, used eggs, flour, and markers to deface...

Biggest Night of the Year: Don’t Miss GMCLA’s ‘Dancing Queens’

June 3, 2025

June 3, 2025

Culminating its 46th season, the Gay Men’s Chorus of Los Angeles will grace the crowd with Dancing Queens, celebrating iconic...