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6:58 PM Wed, Nov. 14th

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Los Angeles Times building in Downtown Los Angeles designed by architect Gordon Kaufmann. (Jim Winstead)

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Local billionaire buys Los Angeles Times for $500 million

A biotech billionaire struck a $500 million deal Wednesday to buy the Los Angeles Times, ending the paper's quarrelsome relationship with its Chicago-based corporate overseers and bringing it under local ownership for the first time in 18 years.