Los Angeles Times sold to local billionaire for $500M

Los Angeles (FOX 11 / AP) - The Los Angeles Times is being sold to a local billionaire for $500 million, ending its strained tenure under the owner of the Chicago Tribune.

Dr. Patrick Soon-Shiong is a major shareholder of Chicago's Tronc Inc., one of the richest men in Los Angeles and, according to Forbes, the nation's wealthiest doctor, with a net worth of $7.8 billion.

The announcement Wednesday means that for the first time in 18 years the Times will be under local ownership. Soon-Shiong takes over in a time of turmoil at the paper. The paper just replaced its top editor, the third switch at the top job in the newsroom in six months.

Publisher Ross Levinsohn is on unpaid leave after revelations that he was a defendant in two sexual harassment lawsuits elsewhere.