Tronc completed its $500 million sale of the Los Angeles Times and San Diego Union-Tribune to biotech billionaire Patrick Soon-Shiong on Monday, ushering in a new era for both the Chicago-based newspaper chain and its former California holdings.
Tronc also is looking to shed its much derided corporate moniker, and bring the Tribune name back in some form, according to sources.
The sale of the LA Times, which has taken more than four months to close, returns that newspaper to local ownership after 18 years under a Chicago-based corporate parent. It leaves Tronc smaller, but flush with cash.
Tronc executives have said they would use the proceeds from the sale to fully...