Judy Woodruff:

Now, the plans to revitalize the newspaper of note for the United States' second largest city, The Los Angeles Times.

Patrick Soon-Shiong is a multibillionaire surgeon, entrepreneur and part owner of the L.A. Lakers. He has spent half-a-billion dollars to buy the paper, which has faced big setbacks in recent years.

As critical as it has been to the city of Los Angeles, the L.A. Times has struggled with huge financial losses, two-thirds laid off over time, three top editors replaced in 18 months. And there've been multiple publishers.

Soon-Shiong is also an immigrant born to parents who had fled China during the occupation by Japan during World War II.

And he joins me now from Los Angeles.

Patrick Soon-Shiong, congratulations.

And you're investing in a newspaper at a time when few and fewer people are reading them. Why?