How soon for Soon-Shiong?
The controversial takeover of Tribune Publishing by hedge fund Alden Global Capital may turn out to be good news for the
San Diego Union-Tribune, but not until the close of a Faustian bargain. Bought by super-rich physician
Patrick Soon-Shiong from Chicago-based Tribune three years ago in a $500 million deal that included the
Los Angeles Times and a raft of local weeklies, the
U-T has continued to shrink in both print advertising and circulation. Though the operation is private, outsiders estimate that it may be losing millions of dollars a year, requiring hefty subsidies from Soon-Shiong. Now comes word that the L.A. billionaire, who still owns about 25 percent of Tribune Publishing, may be set to realize a considerable cash windfall resulting from the sale of Tribune to Alden in a $630 million deal. As part of the arrangement, Tribune’s