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Source: https://nypost.com
Talks to sell the Los Angeles Times and the San Diego Union-Tribune are facing continued delays, with some insiders speculating that the prospective buyer is stalling for time, sources told The Post.
LA billionaire Patrick Soon-Shiong met this week with the papers’ owner, publishing giant Tronc, in an effort to close the $500 million deal, sources said.
Recently, however, Soon-Shiong has continued to ask for more information about the newspapers he agreed to acquire in a Feb. 7 agreement, sources said.
The dragged-out negotiations have stoked speculation that Soon-Shiong is looking for a way to back out of the acquisition, concerned that he paid too much.
“A deal isn’t expected to be reached this week,” according to one source close to the talks.
Last month, Soon-Shiong rented a space in the Los Angeles Times building, telling a crowd of employees his deal would close later in April. Soon-Shiong also said he planned to move the iconic paper this summer to El Segundo, Calif.
The deal received regulatory clearance on March 5. Two days later, Tronc’s chief financial officer, Terry Jimenez, told analysts on an earnings call that the deal’s closing was “imminent” and would happen before the target date of early in the second quarter.
On April 12, The Post reported exclusively that the deal was stalling.
Soon-Shiong isn’t required to close the deal until August based on the terms in the merger agreement.
Tronc reports earnings Wednesday morning.
The company did not return calls.
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