Minnesota Wolves Owner Glen Taylor To Acquire Star-Tribune

Glen Taylor

Minnesota billionaire Glen Taylor has made a formal offer to acquire the Star Tribune, a purchase that would add the state’s largest media company to his diverse business empire.

Taylor said in an interview Tuesday that he has made a cash offer as an individual without any other investors. He declined to say how much he would pay, but he emphasized that the Star Tribune is the only media company he is pursuing.

Star Tribune Publisher and CEO Mike Klingensmith said Taylor’s possible purchase is an exciting prospect because it would give the company a long-term owner with deep roots in Minnesota.

The Star Tribune and Taylor said Tuesday they have signed a letter of intent for a possible deal, pending the outcome of a 60-day review of the company’s operations. If that process goes well, both parties expect the sale to close by the end of May.

If the deal goes through, Taylor, 72, said he will not take on a managing role with the Star Tribune, although he might put a family member on its board of directors.

Taylor would be the latest billionaire to buy a major U.S. newspaper if he acquires the Star Tribune. Last year, Amazon.com founder and CEO Jeff Bezos paid $250 million for the Washington Post, and Boston Red Sox owner John Henry paid $70 million for the Boston Globe and other media properties.

Despite ongoing challenges in print advertising, the Star Tribune has been “solidly profitable” in every year since its restructuring, Klingensmith said, characterizing the profits as consistently “in the eight digits.”

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