The media company Tronc is selling the Los Angeles Times and the San Diego Union-Tribune to a California-based billionaire doctor for $500 million, the company announced on Wednesday.
The sale also includes "other related community-based publications," and the purchaser, Patrick Soon-Shiong, will assume $90 million in pension liabilities, Tronc says.
"This transaction allows us to fully repay our outstanding debt, significantly lower our pension liabilities and have a substantial cash position following the close of the transaction," the company said in a statement.
Soon-Shiong said he looked forward to "continuing the great tradition of award-winning journalism" at the newspapers.
Soon-Shiong is the richest physician in America, according to Forbes; he has sold multiple drug companies and owns a network of health startups. He also has a stake in the Los Angeles Lakers, Forbes says.