May 29, 2014 at 4:37 am
MINNEAPOLIS (AP) — Minnesota Timberwolves owner and printing company billionaire Glen Taylor has signed a purchase agreement to buy the Minneapolis Star Tribune.
The newspaper says publisher Mike Klingensmith wrote in an internal company memo that Taylor and the newspaper's owners signed the agreement Wednesday.
Klingensmith said he expects the sale to close around June 30th.
Taylor announced in April that he had made a cash offer to acquire the Star Tribune. The purchase would add Minnesota's largest media company to his group of businesses.
Wayzata Investment Partners and GE Capital together own about 75 percent of Star Tribune shares, with the rest owned by former creditors and other investors. Taylor's offer is for 100 percent of the shares.
The Star Tribune emerged from bankruptcy in 2009.
Temp: 80°F (27°C)
Wind: 12 SW
Weather: Mainly Cloudy