Glen Taylor set to acquire Star Tribune - KMSP-TV

Glen Taylor's decision to acquire Star Tribune part business, part altruism

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The Star Tribune boasted 600K circulation in 1945 The Star Tribune boasted 600K circulation in 1945
MINNEAPOLIS (KMSP) -

The Star Tribune Media Co. and Minnesota Timberwolves and Lynx owner Glen Taylor have executed a letter of intent for Taylor to acquire the company.

Once a due diligence process is completed, Taylor would acquire the company.

"I have been following the Star Tribune's ownership situation for several years, thinking that ultimately it would be in the best interest of both the Star Tribune and our community for the company to have local, Minnesota ownership. The Star Tribune is a critically important local institution and one that I would be proud to be associated with," Taylor said.



 

 

 

 

 

 

 

 

The Star Tribune boasted 600K circulation in 1945. Today, it's 493K.

 

Taylor told Fox 9's Tom Lyden he won't get involved in editorial decisions at the newspaper. He also said his decision was half business, half altruism.

Star Tribune Publisher and CEO Michael Klingensmith said the "best possible ownership" would be a long-term, local owner who's familiar with the community.

GLEN TAYLOR'S BIO

Taylor grew up in Comfrey, Minn. and graduated from Minnesota State University, Mankato in 1962. He formed Taylor Corporation after buying Carlson Wedding Service, a Mankato-based print shop, in 1975. Taylor Corporation is a privately held printing and electronics company, and Taylor still serves as chairman and CEO.

Taylor made the Forbes 400 Richest Americans list released Sept. 2013 which listed his net worth at $1.7 billion.

LATE SPRING CLOSING

Wayzata Investment Partners has been the majority shareholder for the last four years.

If the acquisition goes forward, a closing would likely take place by late spring.

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