There was a report Sunday evening that Los Angeles Times owner Patrick Soon-Shiong has held private talks with Jay Penske to possibly sell the newspaper.
The Intersect Magazine’s website posted a story Sunday evening claiming that the billionaire is considering dealing the Times to Penske’s PMC media empire, which includes publications including Rolling Stone, The Hollywood Reporter, Billboard and Variety. PMC is a technology, information and internet company.
The deal could enable Soon-Shiong to get out of the news organization, which has been reported to be losing money. He recently sold the San Diego Union-Tribune to Alden Capital.
Penske is based in Los Angeles and controls most major publications in the Southland except for the L.A. Daily News, the Orange County Register and the Union-Tribune.
Soon-Shiong recently told The Intersect that he “loves the Times.” Meanwhile, Penske declined to comment to the magazine about any reported talks.
The magazine also posed the possibility that Soon-Shiong and Penske might work out a deal in which they hold equal ownership shares in the Times.