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South African Billionaire Buys One Of America's Best Newspaper Agency

Los Angeles Times

Dr Soon-Shiong, a billionaire born to Chinese parents who migrated to South Africa, has gotten one of America's most acclaimed daily papers.

See also: Top Ten Richest Men In Africa

Dr Soon-Shiong studied medicine at Witwatersrand University, and became the first person to get an admission to Johannesburg General Hospital.

Reports indicated that he paid £357 million ($500 million) for the newspaper.

According to the LA Times, he stated the purchase to the staff in a note.
“Ultimately, this decision is deeply personal for me. As someone who grew up in apartheid South Africa, I understand the role that journalism needs to play in a free society."

Speaking to the staff, he told them to ensure that they have the tools and resources to produce the high-quality journalism that our readers need and rely upon.