LA Times to move into new building in El Segundo

DOWNTOWN LOS ANGELES (KABC) -- The Los Angeles Times is moving out of its historic downtown building and heading to El Segundo.

New owner Patrick Soon-Shiong made the announcement on Friday to employees. He said the move will happen when the newspaper's lease is up on June 30.

Soon-Shiong has ties to El Segundo as he's part owner of the L.A. Lakers, who have a practice facility there.

He says he wants to build a state-of-the-art facility for the paper in the area.