Tribune Gets $70.5M Investment From Billionaire Soon-Shiong

Tribune Publishing Co., the owner of the Los Angeles Times and the Chicago Tribune, said billionaire Patrick Soon-Shiong invested $70.5 million in the company, becoming its second-largest shareholder.

Tribune also rejected Gannett Co. Inc.'s latest takeover offer, but said on Monday that it would allow the publisher of USA Today access to some confidential corporate information.

Los Angeles-based Soon-Shiong, through his fund Nant Capital LLC, will hold about 12.9 percent in Tribune and join the publisher's board as vice chairman on June 2.