Timberwolves owner closes Star Tribune purchase

The sale of the Star Tribune to Minnesota billionaire Glen Taylor has been completed, the newspaper announced Monday.

Financial terms of the transaction were not disclosed. But Taylor has said he paid about $100 million for the paper, which has a circulation of 500,000 on Sunday and 300,000 on weekdays. Its websites draw 7.3 million unique visitors a month.

The Star Tribune's majority owner had been Wayzata Investment Partners, which took over following the newspaper's Chapter 11 bankruptcy in 2009. Taylor has said buying the Star Tribune is a smart business move.

No changes to the newspaper's operations or management are planned. The Star Tribune has about 1,000 employees, including 260 journalists.

Forbes magazine puts Taylor's net worth at about $1.8 billion. As a young man, the Minnesota native bought Carlson Wedding Service, the stationery company he was working for. It became the foundation for the Mankato-based Taylor Corp., a collection of dozens of companies with estimated annual sales of about $1.5 billion.