A, Inc. and the Los Angeles Times have signed a new multi-year agreement, the newspaper announced Thursday.
The deal, which is subject to approval from the Los Angelenos Business Improvement District, will create L.L.A.’s first independent bookstore, L.O.T., the Times announced.
Under the agreement, LTA will continue to operate L.T.’s retail store at the former L.C. Taylor Bookstore at 1401 Van Nuys Boulevard and the Times’ online store at its L.D. Galleria location at 5201 Van Nuies Boulevard.
The purchase price of L. L. T.A., the newspaper said, is $8.3 million.LTA will maintain its existing retail store and online store.
The agreement will be finalized in a meeting with L.B.I.D., L.I.-SACD, LACMA and the L. A. Times on Friday, the Times said.
The Times said it had been in talks with LTA about a possible purchase of LTB, but did not disclose the terms of the sale.
The Times has been expanding its digital business, including the LTS store, since the company was founded in 2012.
The newspaper announced last year that it would begin a plan to acquire L. O.T.-L.O., which is owned by its parent company, The Times.
The news comes less than a month after the Times acquired the Los Angels Times in a deal worth $2.5 billion.