Tronc sells LA Times

The markets traded mixed during the midday with the Dow climbing 92 points to 25,005. Nasdaq dropped 31 points to 7084.


Chicago-based newspaper and online media publishing company Tronc will sell the Los Angeles Times, The San Diego Union-Tribune and a few other California newspapers to biotech billionaire Patrick Soon-Shiong for $500 million in cash. The Times, which was founded in 1881 and owned by the Chandler family for more than a century, just welcomed its third editor in six months. The Union-Tribune published its first newspaper in 1868 and was owned by the Copley family for 81 years until 2009 when a series of owners acquired and sold the newspaper over the next nine years.


The European Parliament has overwhelmingly approved a ban on geoblocking for most online content. Many online shopping services restrict the content that a consumer sees based on their location. The ban opens access regardless of residency except for copyrighted material including video streaming, e-books and computer games.


Google is reportedly developing a streaming service for games that is similar to PlayStation Now where users pay a monthly subscription fee to access games. The service was originally designed to work with its Chromecast devices but Google may now be exploring the possibility of making its own game console and controller. Concerns have been raised about creating a robust content delivery infrastructure to ensure smooth gameplay.


In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE and by 5 to 4 on Nasdaq. The broader S&P 500 eased a fraction to 2,694. Bitcoin surged $566 to $8,224.


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