Taylor: Star Tribune bid a 'long-term investment'

Glen Taylor, owner of the Minnesota Timberwolves
Glen Taylor, owner of the Minnesota Timberwolves, speaks to the media following the NBA Board of Governors Meeting, during which Commissioner David Stern outlined his plans to step down in February 2014 at the St. Regis hotel on October 25, 2012 in New York City.
Alex Trautwig / Getty Images

Minnesota businessman Glen Taylor has offered to buy the Star Tribune.

The billionaire owner of the Minnesota Timberwolves made a cash offer for the newspaper but declined to say how much he offered. However, Taylor told MPR News' All Things Considered he sees the purchase as a long-term investment.

"I've been buying companies over my lifetime, and we do not sell them. We put them together, and allow the management team and the employees to plan for the long run," Taylor said.

Taylor said he has no plans to take on a managerial role with the Star Tribune, and management would remain the same.

Taylor is currently scouring the newspaper's books in a process called due diligence.

"I think it's gooing to be a good business deal on my part. That means profitable. And I think it's a good Minnesota asset. This seems to be a pretty well-run paper. And I think we can take advantage of that," he said.

Taylor said it would be in the best interest of both the Star Tribune and the community for the company to have local, Minnesota ownership. Taylor expects the deal to close late next month.

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