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Continued: Glen Taylor finalizes purchase of Star Tribune

  • Article by: ADAM BELZ
  • Last update: July 1, 2014 - 5:43 AM

“We welcome having a local owner in Glen Taylor, and hope to work with him as the Star Tribune embarks on a new era in meeting the challenges facing newspapers,” Kaszuba said.

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. His Taylor Corp., based in North Mankato, is among the country’s largest privately held companies and has annual sales of around $1.6 billion.

He said his down payment for the company is more than 25 percent of the total price. The amount was dictated by his analysis of the company’s budget over the next five years.

“If we just do what the management team says that they’re going to do, we will have no trouble paying any debt payments,” he said Monday. “We’ll get the thing paid off in less than 10 years.”

In 1998, McClatchy Co. bought the Star Tribune from the Cowles family for $1.2 billion. When Avista Capital Partners bought the company from McClatchy in 2006, the price had fallen to $530 million. That deal saddled the company with debt just as the Great Recession hit, contributing to its financial woes.

Of the previous owners, Wayzata Investment Partners and GE Capital together owned about 75 percent of the company. The rest of the stock was owned by several dozen creditors and other investors.

Klingensmith on Monday thanked them for their “excellent stewardship” over the past four years. “We could not have asked more from them as owners, including their help in securing our new ownership.”

 

Adam Belz • 612-673-4405



 

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