The Los Angeles Times this summer will move from its historic art deco headquarters in downtown Los Angeles to a campus currently under construction in El Segundo.
Dr. Patrick Soon-Shiong — soon to be the new owner of the newspaper — broke the news Friday during his first meeting with the staff, explaining that he wants to create a newsroom for the future. The quick move is necessitated because previous owners of The Times had sold the iconic building where the newspaper has operated since 1935 to a Canadian developer.
The Times’ lease for its newsroom and business administration expires June 30. Soon-Shiong said the current landlord has demanded a $1-million-a-month rent increase to keep the paper’s staff at the building across from City Hall.
“There’s not much time for me to find accommodation for 800 people,” he told more than 300 employees who jammed into the Chandler Auditorium in The Times building to get their first glimpse of Soon-Shiong. “We decided that we needed to create the most modern newsroom … one that respects the work and the lifestyle of the people who work in the newsroom.”
Read the full story on LATimes.com.