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Continued: Signature has Taylor moving ahead with Star Tribune deal

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.”

 

adam.belz@startribune.com • 612-673-4405 raolson@startribune.com • 612-673-1747

  • Star Tribune purchase agreement signed

    Glen Taylor and the Star Tribune signed a purchase agreement Wednesday; the estimated $100 million sale is expected to close June 30.

    Star Tribune

    Headquarters: Minneapolis.

    Audience: 1.4 million adult readers weekly in print and online. U.S. circulation rank: seventh Sundays, 12th daily.

    Employees: 1,140.

    Founded: 1867.

    Chairman: Mike Sweeney.

    Publisher: Michael Klingensmith.

    Editor: Rene Sanchez.

    Glen Taylor

    Age: 73.

    Home: Mankato.

    Education: Minnesota State University, Mankato, B.S., 1962.

    Career: Chairman and CEO of Taylor Corp., 1975 to present.

    Politics: Republican state senator, 1981-1990; Senate minority leader, 1984-86.

    Wealth: $1.8 billion (Forbes estimate, March 2014).

    Taylor Corp: Interactive, printing and marketing services with annual revenue of $1.6 billion. More than 50 companies employ more than 9,000. Subsidiaries in the United States, Canada, Mexico, United Kingdom, France and China.

    Other holdings: Owner, NBA’s Minnesota Timberwolves (since 1995) and WNBA’s Minnesota Lynx (since 2002). Interests in other businesses include: Northland Securities Inc., a Minneapolis securities brokerage firm; Rembrandt Enterprises, an Iowa egg producer, and Envoy Medical, a St. Paul maker of implantable hearing devices.

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