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Reputation as shrewd, fair
R.T. Rybak, a onetime Star Tribune reporter and former Minneapolis mayor, negotiated with Taylor on behalf of the city over renovations at Target Center and the new Timberwolves practice facility. Rybak said he came away with great respect for Taylor, who he called a “tough, shrewd businessperson who has a deep sense of fairness.”
The decision to keep Klingensmith is an example of Taylor’s acumen, Rybak said. He called Klingensmith’s revival of the Star Tribune “one of the great Minnesota business success stories.”
Taylor is one of several Minnesotans on the annual Forbes list of the wealthiest Americans and has an estimated net worth of about $1.8 billion.
He heads Taylor Corp., a printing and marketing conglomerate based in North Mankato that he has spent decades building. It is among the country’s largest privately held companies and has annual sales of around $1.6 billion.
He also owns scores of other companies as well as the Timberwolves and the WNBA’s Minnesota Lynx.
Taylor would be the latest billionaire to buy a major U.S. newspaper. Last year, Amazon.com founder and CEO Jeff Bezos paid $250 million for the Washington Post, and Boston Red Sox owner John Henry paid $70 million for the Boston Globe and other media properties.
“I am very optimistic, and we are very fortunate that he is willing to take it on and keep the ownership in Minnesota,” Gov. Mark Dayton said. “He said he wants the paper to be fair, accurate and consistent. That would be my measure, as well.”
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