Good morning.

(Want to get California Today by email? Here’s the sign-up.)

LOS ANGELES — After years of turmoil and out-of-town management, The Los Angeles Times is returning to local ownership.

Dr. Patrick Soon-Shiong, the billionaire biotech entrepreneur who in February announced he would buy the paper — and The San Diego Union-Tribune — for $500 million, officially takes ownership today. The move heralds a new era for the newspaper after years of staff cuts and diminished ambitions.

To honor the occasion, The L.A. Times on Sunday published a blaring banner headline on its front page, the sort usually reserved for the start of wars or devastating natural disaster: “A new era of Times ownership.”

The coverage, which included an exhaustive history of the paper — its rise under a Civil War colonel named Harrison Gray Otis in the late 1800s to national and international prominence in the 1960s and 1970s — reflected the anticipation across the newsroom and the city as it awaits what changes are in store under Dr. Soon-Shiong.