Tribune Publishing’s New Backer Defends Investment

CNBC: The Los Angeles Times and Chicago Tribune are national treasures that are ready to be taken to the next generation, Tribune Publishing’s newest investor Patrick Soon-Shiong said. The L.A. billionaire has agreed to invest $70.5 million in the publishing company, Tribune announced Monday. At the same time, the company rejected a second takeover bid from USA Today owner Gannett. “This is the opportunity to actually transform this newspaper world into this next generation for this next millennium who wants to see the information on any device, any time, all the time,” Soon-Shiong said.