JOHANNESBURG - A billionaire born to Chinese immigrant parents in South Africa has bought one of America's most famous newspapers for $500m, the BBC reported.
Patrick Soon-Shiong revealed he was inspired to purchase the Los Angeles Times by his childhood in Port Elizabeth under the country's apartheid regime.
“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,” said Soon-Shiong.
The former medical student studied medicine at Witwatersrand University and was the first Chinese student to be admitted to Johannesburg's General Hospital.
He emigrated to Canada in the 1970s before subsequently moving to the US and promising staff to "ensure that you have the tools and resources to produce the high-quality journalism that our readers need and rely upon".