MINNEAPOLIS – Minnesota Timberwolves owner and printing company billionaire Glen Taylor completed his purchase of the Star Tribune on Monday, the newspaper said.
Terms were not disclosed, but Taylor has put the purchase price at around $100 million, the Star Tribune (http://strib.mn/1jD0zaL ) reported.
The Minneapolis media company joins Taylor’s group of more than 80 businesses worldwide, including the Timberwolves, the WNBA’s Minnesota Lynx and dozens of companies in printing and other industries.
“As I’ve said before, the Star Tribune is not only a good business, it’s an important institution for all Minnesotans,” Taylor said in a statement. “Our state and the region benefit from the presence here of a strong journalistic enterprise.”
Taylor, 73, of Mankato has said he will not take a managing role with the Star Tribune, although he said he will appoint his daughter, Jean Taylor, to the board of directors. The company’s current management, including publisher Michael Klingensmith, will remain in place.
“We’re delighted that Glen shares our passion and vision for building a successful 21st-century newsgathering and media enterprise,” Klingensmith said in an email to Star Tribune employees.
The Star Tribune emerged from bankruptcy in 2009. Since then, the company has reduced most of its debt, partly by selling five blocks it owned in downtown Minneapolis for $38.5 million. The property will be part of an office tower project near the new Minnesota Vikings stadium, which is under construction.
Taylor is now the sole owner of the Star Tribune. The largest shareholders in the company were Wayzata Investment Partners and GE Capital, which together owned about 75 per cent of the shares. The rest of the stock was owned by several dozen former creditors and other investors.
Information from: Star Tribune, http://www.startribune.com