Star Tribune employees told Wolves owner Glen Taylor is buying paper
In recent days, Timberwolves owner Glen Taylor has been rumored to be closing in on a deal to purchase the Star Tribune.
It appears the transaction is now all but official.
A Star Tribune source passed along this email, which was sent to the entire staff today:
To All Star Tribune Staff:
I'm very pleased to share with you that Glen Taylor has executed a letter of intent to acquire the Star Tribune. Taylor is currently engaged in a due diligence process which, when complete, would lead to the sale of our company.
As I hope you can appreciate, there's a limit to how much we can discuss publicly during this due-diligence period. However, I would like to invite all employees to the Assembly Room at our Portland Avenue building today at 2:30pm or to the Heritage 1st floor Vendeteria today at 3:30pm, where I will answer those questions I can.
Klingensmith is the Star Tribune's publisher.
A Star Tribune report quotes Taylor as saying: "It isn't that I'm interested in going around and buying papers in other parts of the country... I'm interested in this one because it's a Minnesota paper."
"I understand that this is a difficult business area but I'm in a lot of printing areas and they are all difficult business areas," Taylor continued. "I have just found out that if you're the best in that area, then you can do quite well."
Some just hope Taylor's tenure as the Strib's owner goes better than the last ten years have for his NBA team:
But will the Star Tribune make the playoffs?
-- Brian Cook (@BCookMN) April 1, 2014
The sale is expected to be closed in May, the Strib reports.
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