Meg Jones, L.A. Times:

Biotech billionaire Patrick Soon-Shiong has agreed to purchase the Los Angeles Times from its parent company Tronc, restoring local ownership and perhaps ending a turbulent period for the storied 136-year-old institution.

Chicago-based Tronc on Wednesday will announce the sale of The Times and the San Diego Union-Tribune to Soon-Shiong’s investment firm Nant Capital for nearly $500 million in cash, according to a source familiar with the deal. In addition to the purchase price, the deal includes the assumption of $90 million in pension liabilities.

The sale comes after a particularly stormy period for the newspaper, which has seen three editors in six months, its publisher placed on unpaid leave amid a sexual harassment investigation, and a historic vote to unionize the newsroom.