Dodo Finance: Patrick Soon-Shiong in Talks to Acquire The Messenger – Hollywood Reporter

Title: The Messenger Faces Closure as Acquisition Talks with LA Times Owner Break Down

In a dramatic turn of events for the media industry, The Messenger, an esteemed news outlet, announced its impending closure following failed acquisition talks with Los Angeles Times owner, Patrick Soon-Shiong. The decision came merely days after the L.A. Times laid off a significant number of newsroom employees, painting a bleak picture for the future of journalism.

According to insiders, the discussions between Jimmy Finkelstein, founder of The Messenger, and Soon-Shiong were prompted by the dire circumstances faced by both organizations. The LA Times owner reportedly made a “lowball” offer for The Messenger, which ultimately fell through by Wednesday, leaving Finkelstein with no choice but to shutter operations.

Finkelstein, clearly devastated by the outcome, expressed his remorse and heartfelt sympathy to the staff through an emotional email. He revealed that the organization had exhausted all efforts to secure adequate capital but had unfortunately found no success.

The talks between Soon-Shiong and Finkelstein were described as a desperate, last-minute attempt to salvage The Messenger. The LA Times had also been grappling with its own economic reality, leading its president and COO, Chris Argentieri, to acknowledge the necessity for immediate measures to improve their financial stability.

Adding to the turmoil surrounding The Messenger, it was uncovered that the clashes between Soon-Shiong and his daughter had resulted in the removal of Kevin Merida, the then-editor of the publication. This acrimonious episode seemed to have played a part in the inability to reach a suitable acquisition agreement.

Despite the significant impact of these developments on the media landscape, both Soon-Shiong and representatives for The Messenger declined to comment on the situation. The silence has left many questions unanswered regarding the future of these two prominent news organizations.

As the industry grapples with ongoing challenges, the loss of The Messenger’s 300 staff members is undoubtedly a significant blow. It serves as a stark reminder of the precarious state of traditional media outlets in today’s digital age, where survival often depends on swift adaptation to evolving market demands.

With the closure of The Messenger, a renowned news source with a distinguished history, the media landscape undergoes yet another transformation, leaving many to wonder what lies ahead for the industry as a whole.