Billionaire Patrick Soon-Shiong Holds Talks to Sell LA Times to Entertainment Trade Mogul Jay Penske

Any deal, which is not guaranteed as these talks are described as early, would transform Penske into a Los Angeles publishing mogul. He already owns The Hollywood Reporter, Rolling Stone, and Variety.

Los Angeles Times owner Patrick Soon-Shiong and entertainment trade publishing magnate Jay Penske are discussing a deal to transfer ownership of the West’s largest newspaper, according to two people directly briefed on the talks.

The people, who are inside both publishers’ direct circles and asked not to be identified for fear of retribution, said the ow…