(Yicai Global) June 19 -- South African biotech billionaire has taken over the reins at the Los Angeles Times, a daily newspaper with the sixth-largest print circulation in the US, in a vow to fight against the era of compromised integrity in the media business.

Patrick Soon-shiong acquired the Times, The San Diego Union-Tribune and the rest of the California News Group yesterday, the American Press reported. The former parent firm Tronc sold the two southern Californian historic newspapers to Soon-shiong's Nant Capital for USD500 million.

"I believe that fake news is the cancer of our times and social media the vehicles for metastasis," the billionaire of Chinese origins said in a letter to readers. Media is "facing an existential crisis" and that's why these titles "must continue to serve as beacons of truth, hope, and inspiration for our communities," he added in an internal memo that was obtained by CNNMoney.

Surgeon, entrepreneur and philanthropist Soon-shiong made his fortune after moving to the US by selling two biopharmaceutical companies that he built. Since then, Dr. Soon-shiong has dedicated much of his time and funds to fight cancer.

Editor: Emmi Laine