MINNEAPOLIS (WCCO) – The Star Tribune Media Holdings Co. announced Monday it has closed the sale of the company to Minnesota businessman Glen Taylor.
Taylor, the owner of the Minnesota Timberwolves, is taking over after the Star Tribune Media Company was previously majority owned by private investment funds managed by Wayzata Investment Partners, LLC. Officials said terms of the sale were not disclosed.
Officials said there would be no changes to the Star Tribune’s operations or management as a result of the sale. In a previous interview with the Star Tribune, Taylor said he had made a cash offer on his own with no other investors. He said he expected the deal to close in May.
Forbes estimated Taylor’s net worth to be $1.8 billion. Privately held Taylor Corp. has 80 subsidiaries and 9,000 employees working in a range of printing and marketing businesses. Taylor, 72, also owns the WNBA’s Minnesota Lynx.
Since emerging from the 2009 bankruptcy, the Star Tribune has tried to reposition itself in a digital age with extensive coverage on its website and charging for internet access. Recently, it sold land near its downtown headquarters for $38 million to make way for an office tower that will adjoin the new Vikings stadium.
Taylor said he will not take an active role in the newspaper’s day-to-day management.
Taylor first made a run at a minority share in the Star Tribune in 2009, saying he thought it was important to keep community ownership. Taylor is the latest billionaire to acquire a major American newspaper. Amazon CEO Jeff Bezos bought the Washington Post last year for $250 million.