Timberwolves owner Taylor finalizes purchase of Star Tribune

Author:
Updated:
Original:

The Star Tribune is officially in the hands of Glen Taylor.

The newspaper says Taylor finalized the deal Monday to purchase the state's largest news organization. The move marks the first time in 16 years the business will be owned solely by a Minnesotan, after the Cowles family sold the Star Tribune to the McClatchy company for $1.2 billion.

Taylor, the Mankato billionaire businessman who owns 80 businesses including the Timberwolves and Lynx, purchased the Star Tribune as an individual apart from the Taylor Corp.

While the official terms have not been disclosed, Taylor reportedly said the purchase price was around $100 million, the newspaper says.

The finalization of the deal comes just over three months after reports emerged that Taylor was in talks to buy the Star Tribune. The newspaper confirmed Taylor's offer a couple days later, and he signed the purchase agreement at the end of May.

In the interim, the Star Tribune announced that it was moving its newsroom and headquarters to Capella Tower in downtown Minneapolis in 2015 – a move that will come 95 years after the paper sunk its roots in the eastern edge of downtown at 425 Portland Avenue.

In February, the newspaper finalized the sale of five blocks it owned on its current site, paving a path for the $400 million Downtown East project. Four blocks in the deal were sold to developer Ryan Cos., and one block to the Minnesota Sports Facilities Authority, which is overseeing construction of the new $1 billion Vikings stadium.

The deal for land earned the Star Tribune $38.5 million, which the paper says allowed the company to reduce the vast majority of its debt.

The Star Tribune Monday called the sale to Taylor "a pivotal moment" for the paper, which emerged from bankruptcy in 2009. The Star Tribune reportedly has the seventh largest Sunday circulation in the U.S.

The organization notes that Taylor, 73, has said he will appoint his daughter, Jean Taylor, to the board of directors, but he will not have a hand in management of the paper.

The Mankato Free Press said Taylor largely built his wealth from the Taylor Corp. printing company, which began as Carlson Craft.

According to Forbes' billionaire's list, Taylor's net worth is listed at $1.8 billion.

Next Up

Sergio Romo

Twins decline 2021 option on Sergio Romo

The Twins begin a potential overhaul in the bullpen.

high school football

'Scalpel approach' gives MN schools chance to keep playing sports

County infection rates are no longer the only thing that matters.

CJ-AHyggeHoliday-Photo2

With the help of HVAC, Circus Juventas will host its first holiday shows

After months of canceled classes and shows, Circus Juventas is hosting its first ever holiday show, with safety precautions.

Cameron Dantzler

Vikings send Cameron Dantzler to COVID-19/reserve list

Dantzler's placement leaves the Vikings paper-thin at cornerback heading into Green Bay.

peterson fischbach

Elections 2020 preview: 7th Congressional District

Will Collin Peterson hang on for yet another term?

Zimmer and Hunter

Zimmer explains why he called Hunter's neck injury a 'tweak'

The coach also said Dalvin Cook should return from injury this week.

magazines

60 charged in magazine scam that netted $300M

It's being called the largest elder fraud scheme in the country.

Screen Shot 2020-10-28 at 10.30.23 AM

The Star Tribune is shutting down City Pages

The free newspaper was bought by the Star Tribune in 2015.

billy's on grand

Coronavirus: Billy's on Grand will close for winter

The restaurant is among a growing list of eateries to close for the winter months.

Related

Star Tribune gains a majority owner

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.

Glen Taylor

Glen Taylor exploring sale of the Timberwolves

The billionaire has owned the Wolves since 1994.