Tronc Inc. (NASDAQ: TRNC), the owner of the Lost Angeles Times, agreed to sell the paper to billionaire Patrick Soon-Shiong, who is also one of Tronc’s largest shareholders. The deal, for $500 million and the assumption of about $90 million in pension liabilities, was announced on February 7. The Federal Trade Commission and U.S. Department of Justice blessed the deal on March 7, almost two months ago.
Under normal circumstances, the deal should be closed by now. No one on either side of the purchase has hinted why the purchase has taken so long. Certainly, neither side has indicated the deal is in trouble. And speculation about what is happening is only based on a handful of rumors. The deal could close tomorrow.
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