• FILE - In this Jan. 10, 2017, file photo, pharmaceuticals billionaire Dr. Patrick Soon-Shiong waves as he arrives in the lobby of Trump Tower in New York for a meeting with President-elect Donald Trump. The Los Angeles Times reports that biotech billionaire Dr. Soon-Shiong officially takes control of the storied newspaper and the San Diego Union-Tribune on Monday, June 18, 2018. Soon-Shiong is spending $500 million for the two news organizations, Spanish-language Hoy and some community newspapers from Chicago-based Tronc. The Times once had more than 1,200 journalists and more than 25 foreign bureaus. Now it employs about 400 journalists. Photo: Evan Vucci, AP / Copyright 2017 The Associated Press. All rights reserved.
Photo: Evan Vucci, AP
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FILE - In this Jan. 10, 2017, file photo, pharmaceuticals billionaire Dr. Patrick Soon-Shiong waves as he arrives in the lobby of Trump Tower in New York for a meeting with President-elect Donald Trump. The Los Angeles Times reports that biotech billionaire Dr. Soon-Shiong officially takes control of the storied newspaper and the San Diego Union-Tribune on Monday, June 18, 2018. Soon-Shiong is spending $500 million for the two news organizations, Spanish-language Hoy and some community newspapers from Chicago-based Tronc. The Times once had more than 1,200 journalists and more than 25 foreign bureaus. Now it employs about 400 journalists. less
FILE - In this Jan. 10, 2017, file photo, pharmaceuticals billionaire Dr. Patrick Soon-Shiong waves as he arrives in the lobby of Trump Tower in New York for a meeting with President-elect Donald Trump. The Los ... more
Photo: Evan Vucci, AP
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FILE - In this May 16, 2016, file photo, pedestrians look at news photos posted outside the Los Angeles Times building in downtown Los Angeles. The Los Angeles Times reports that biotech billionaire Dr. Patrick Soon-Shion officially takes control of the storied newspaper and the San Diego Union-Tribune on Monday, June 18, 2018. Soon-Shiong is spending $500 million for the two news organizations, Spanish-language Hoy and some community newspapers from Chicago-based Tronc. The Times once had more than 1,200 journalists and more than 25 foreign bureaus. Now it employs about 400 journalists. less
FILE - In this May 16, 2016, file photo, pedestrians look at news photos posted outside the Los Angeles Times building in downtown Los Angeles. The Los Angeles Times reports that biotech billionaire Dr. Patrick ... more
Photo: Richard Vogel, AP
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FILE - This Jan. 9, 2007, file photo shows the Los Angeles Times buildings in downtown Los Angeles. The Los Angeles Times reports that biotech billionaire Dr. Patrick Soon-Shiong officially takes control of the storied newspaper and the San Diego Union-Tribune on Monday, June 18, 2018. Soon-Shiong is spending $500 million for the two news organizations, Spanish-language Hoy and some community newspapers from Chicago-based Tronc. The Times once had more than 1,200 journalists and more than 25 foreign bureaus. Now it employs about 400 journalists. less
FILE - This Jan. 9, 2007, file photo shows the Los Angeles Times buildings in downtown Los Angeles. The Los Angeles Times reports that biotech billionaire Dr. Patrick Soon-Shiong officially takes control of the ... more
Photo: Reed Saxon, AP
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LOS ANGELES (AP) — A biotech billionaire who purchased the Los Angeles Times with an eye toward restoring its independence and vigor will officially take control of the news organization Monday, the newspaper reports .

Dr. Patrick Soon-Shiong (soon-shong) is spending $500 million to buy The Times, San Diego Union-Tibune, Spanish-language newspaper Hoy and some community newspapers from Chicago-based Tronc.

The deal, announced Feb. 7, returns The Times to local ownership after nearly two decades under rocky Chicago control. The newsroom has been led by three editors in 10 months and five publishers in four years.

Soon-Shiong, 65, will become executive chairman of the California News Group.

He plans to move the newsroom from its iconic downtown headquarters to a modern building under construction 12 miles (19.3 kilometers) south in suburban El Segundo. The property will include a Times museum gallery, event and retail space.

Soon-Shiong takes on a storied yet diminished news organization that once had more than 1,200 journalists and more than 25 foreign bureaus. Now, The Times employs about 400 journalists with bureaus in Sacramento, Washington and some foreign and national outposts.

Newspapers across the country have struggled as readers and advertisers flock to the internet. Soon-Shiong has promised to rebuild The Times.

"The last three months has been an amazing experience for me to really learn — I mean on a steep learning curve — about all the elements that are affecting this industry," he said after signing paperwork to finalize the purchase.

On Monday, he will wire the money and the sale will be complete.

A South African native and son of Chinese immigrants, Soon-Shiong is a former University of California, Los Angeles surgeon who built a fortune by building and selling two biopharmaceutical companies.

He owns a nearly 4.5 percent stake in the Los Angeles Lakers and last year purchased six financially strapped California hospitals.

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Information from: Los Angeles Times, http://www.latimes.com/