All eyes on billionaire Patrick Soon-Shiong as battle for Tribune heats up

As the battle to buy New York Daily News publisher Tribune Publishing heats up, the pressure is expected to mount for Dr. Patrick Soon-Shiong, the billionaire owner of the LA Times who holds the key to any sale thanks to his 24-percent stake in the Chicago company.

Tribune’s third-largest shareholder, Mason Slaine, who owns a stake of roughly 3.4 percent, has already said he plans to throw his lot in with a bid led by Stewart Bainum. The hotel mogul has submitted an $18.50 a share offer that values the publisher of the Chicago Tribune, the NY Daily News, the Baltimore Sun and six other daily papers at $680 million. Heath Freeman’s hedge fund Alden Global Capital, by contrast, has offered $17.25 a share in a deal that values the company at $630 million. Unlike Slaine’s deal, the detail of which are still emerging, Alden’s offer has already been vetted and approved by Tribune’s board.