Tribune Publishing said this morning that Patrick Soon-Shiong, by some accounts the wealthiest man in Los Angeles, is buying 12.9 percent of the company’s stock and paying $15 a share, the elevated price that Gannett has offered in a bid to take over the company. Soon-Shiong will become the second-largest shareholder, get a seat on the board of Tribune Publishing and be vice-chairman. The Los Angeles Times says it will be a $70.5 million investment. The company is also entering into a licensing deal with Soon-Shiong’s NantWorks for use of what Forbes calls in its story “over 100 machine vision and artificial intelligence technology patents for news media applications.” Per Forbes, Tribune would earn the first $80 million in revenues from NantWorks’s AI patents and a 6% royalty after that. Tribune would issue 333,333 shares of stock to a NantWorks subsidiary, NantStudio.
Patrick Soon-Shiong is a South African-born American surgeon, medical researcher, businessman, philanthropist, and professor at University of California at Los Angeles.
Forbes magazine estimates Mr. Soon-Shiong’s wealth at $11.9 Billion as of today. He was born in South Africa and holds degrees from University of the Witwatersrand, University of California, Los Angeles, and University of British Columbia. He is 63 years old and married. He is currently chairman of the Chan Soon-Shiong Family Foundation and chairman and CEO of the Chan Soon-Shiong Institute for Advanced Health, National LambdaRail, the Healthcare Transformation Institute and NantWorks, LLC. In October 2010, he bought Earvin “Magic” Johnson’s minority ownership stake in the Los Angeles Lakers. He lives in the Brentwood neighborhood of Los Angeles.
This proves you don’t have to be a flamboyant loudmouth to be a billionaire.