The Star Tribune (Minneapolis) to be sold to the owner of the Timberwolves
The largest newspaper in Minnesota, the Star Tribune, will be sold to the owner of the Minnesota Timberwolves basketball team, Glen Taylor. Taylor made his fortune from his printing and marketing business, Taylor Corp., and is estimated to have a net worth of around $1.8 billion. He likely will be paying only a small portion of that to gain ownership of the paper.
The Star Tribune is the product of two newspapers – the Minneapolis Tribune and the Minneapolis Star – that were metered in 1982. For many years the paper was owned by the Cowles family. In 1998, McClatchy bought the paper for $1.2 billion, but in late 2006 had to sell it off for about half what it paid for it to the private equity firm Avista Capital Partners. In early 2009, the paper declared bankruptcy. Before its current sale, the paper has been majority owned by Wayzata Investment Partners.
“As a company, we have felt that the best possible ownership situation for the Star Tribune—as we’ve seen in other markets recently—would be to have a long-term, local owner who knows and is vested in our community. We think this vote of confidence by Glen Taylor reflects the significant journalistic and business progress that we’ve made over the last several years to become one of the country’s top performing major metro news organizations,” Michael Klingensmith, the paper’s CEO and Publisher said in a statement.
“I understand that this is a difficult business area but I’m in a lot of printing areas and they are all difficult business areas,” Taylor told the Star Tribune this afternoon. “I have just found out that if you’re the best in that area, then you can do quite well.”