Glen Taylor goes public with plans to buy Star Tribune

Glen Taylor, owner of the Minnesota Timberwolves, speaks to the media following the NBA Board of Governors Meeting on October 25, 2012 in New York City. (Alex Trautwig / Getty Images, file)

The talk’s been bubbling for a week  that Timberwolves owner Glen Taylor was poised to buy the Star Tribune. Today, the sides went public detailing Taylor’s plans to take control of the state’s biggest newspaper.

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Here’s what the Strib is saying this afternoon:

Minnesota business magnate Glen Taylor has made a formal offer to acquire the Star Tribune, which would add Minnesota’s largest newspaper to his holdings of more than 80 companies.

Taylor said in an interview Tuesday that he made a cash offer as an individual without any other investors. He declined to say how much he has offered to pay.

“It isn’t that I’m interested in going around and buying papers in other parts of the country,” Taylor said. “I’m interested in this one because it’s a Minnesota paper.”

The Star Tribune board recently approved Taylor’s letter of intent. If all goes well during a due diligence process over the next several weeks, Taylor said he expects the sale to close in May. The news was announced to Star Tribune employees Tuesday afternoon.

Publisher Mike Klingensmith said he was excited about the Star Tribune’s prospects under Taylor’s ownership. “It provides us with a long term owner that is locally based in our community,” he said in an interview. “I think both of those things are important.”