The Los Angeles Times and Chicago Tribune are national treasures that are ready to be taken to the next generation, Tribune Publishing's newest investor Patrick Soon-Shiong said Tuesday.
The L.A. billionaire has agreed to invest $70.5 million in the publishing company, Tribune announced Monday. At the same time, the company, which owns several newspapers across the country, rejected a second takeover bid from USA Today owner Gannett.
"This is the opportunity to actually transform this newspaper world into this next generation for this next millennium who wants to see the information on any device, any time, all the time," Soon-Shiong said in an interview with CNBC's "Power Lunch."
Soon-Shiong, through his fund Nant Capital, will become Tribune's second-largest shareholder, holding about 12.9 percent. He is set to join the publisher's board as vice chairman on June 2.
The South African–born surgeon is also part-owner of the Los Angeles Lakers basketball team and founder of NantWorks, a network of health information and pharma companies.