Star Tribune: Taylor-Made News

Star Tribune (Photo credit: Aaron Landry)

Glen Taylor is one of Minnesota's wealthiest individuals, worth about $1.8 billion according to Forbes magazine.  His portfolio amounts to investments in more than 80 different companies, including those having to do with printing, marketing and professional basketball.

So why would Taylor want to buy the Minneapolis Star Tribune for an undisclosed amount, in an era where the newspaper is supposed to be a thing of the past?

We would assume Taylor bought the 147-year old Strib for much less than what McClatchy Newspapers paid for it in 1998.  Or Avista Capital Partners.  Or even its present owners Wayzata Investment Partners.

The Strib has been struggling to stay relevant in the age of the Internet.  They launched a companion website.  They've cut staff to the bone.  Filed for Chapter 11 bankruptcy.  Lost circulation.  But then, so has every other media outlet in America.

The Strib is also looking for a new home.  Their headquarters in downtown Minneapolis and the property around it is being sold for a reported $38.5 million and demolished to make way for an office tower, which is being connected to the new Minnesota Vikings football stadium.  No wonder the paper's editorial staff lobbied so hard for the stadium to be built.

Taylor says he won't have any managerial input into the Star Tribune, other than maybe having a family member on the board of directors.  As for what editorial direction the newspaper will take, you should know that Taylor was a Republican state senator during the 1980s, and is best known as the owner of the NBA's Minnesota Timberwolves and WNBA Lynx.  So it might behoove the remaining staff and management to go out of their way to be nice to Mr. Taylor and his myriad businesses.

Taylor, of course, isn't the only well-known billionaire to take an interest in reviving the dying art of print journalism and taking it into the digital age.  Jeff Bezos, the founder of Amazon, also owns the Washington Post.  Boston Red Sox owner John Henry added the Globe to his portfolio.  And doesn't Warren Buffett own a few papers, too?

Glen Taylor told the Associated Press that he bought the Star Tribune because he thought it was a good business decision, and that it was a Minnesota asset.   That's great.  Once the ink is dry on the agreement, Taylor's biggest challenge is going to be getting a nice return on his investment while the Star Tribune staves off extinction.