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Report: Timberwolves owner in talks to buy Star Tribune

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It appears that Timberwolves owner Glen Taylor is close to a deal to buy another big part of the Twin Cities landscape.

Citing a report from Blois Olson in the business newsletter Business Take, the Business Journal says Taylor is in line to buy the Star Tribune. The Business Take report was also picked up by Minnesota Public Radio.

Olson in Business Take says Taylor "has expressed an interest previously, and has intensified negotiations recently." Olson added that "one person knowledge of the transaction suggested that (they) think that there is 'an agreement in principle.'"

The Wayzata private equity firm Wayzata Investment Partners is currently the majority owner of the Star Tribune, the Business Journal says.

MinnPost said that Taylor, who also owns the North Mankato-based Taylor Corp., tried to buy the newspaper in 2009.

The Business Journal says Taylor – who is worth $1.8 billion – is the fifth-richest person in the state, but MPR has him pegged at No. 3.

Forbes has Taylor's worth at $1.7 billion.

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For the first time since emerging from bankruptcy nearly three years ago, the parent company of the Star Tribune will have a majority owner, the newspaper reports. Wayzata Investment Partners, the largest minority shareholder of the media company, received approval from other shareholders to increase its ownership stake to 58.2 percent from 49.8 percent in a $4.1 million deal.

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