Timberwolves owner makes formal offer on Star Tribune
The Star Tribune
Minnesota businessman Glen Taylor "made a cash offer" to buy The (Minneapolis) Star Tribune, Jennifer Bjorhus reports. "Taylor is currently engaged in a due diligence process, which when complete, would lead to the acquisition," the Star Tribune says in a press release, saying it expected such a sale may go through later this spring.
Among other holdings, Taylor owns the Minnesota Timberwolves. “It isn’t that I’m interested in going around and buying papers in other parts of the country,” he told Bjorhus. “I’m interested in this one because it’s a Minnesota paper.”
Here's the release:
JOINT STATEMENT FOR IMMEDIATE RELEASE
MINNEAPOLIS—April 1, 2014—Star Tribune Media Co. and Glen Taylor are pleased to announce they have executed a letter of intent for Taylor to acquire the company. Taylor is currently engaged in a due diligence process, which when complete, would lead to the acquisition.
In speaking about the potential transaction Taylor said, “I have been following the Star Tribune’s ownership situation for several years, thinking that ultimately it would be in the best interest of both the Star Tribune and our community for the company to have local, Minnesota ownership. The Star Tribune is a critically important local institution and one that I would be proud to be associated with.”
Star Tribune Publisher and CEO Michael Klingensmith added, “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.”
Klingensmith also thanked Wayzata Investment Partners, who came to be the company’s majority shareholder during the course of the last four years. “Wayzata has supported all of the Star Tribune’s efforts and allowed us to make necessary investments to solidify the business. The community owes them gratitude for being good stewards of the business.”
If the acquisition goes forward, a closing would likely take place by late spring.