Minnesota Timberwolves owner and printing company billionaire Glen Taylor has signed a letter of intent to buy the Minneapolis Star Tribune, the newspaper announced Tuesday.
Details of the cash offer weren't announced, and Taylor wouldn't elaborate in an interview with The Associated Press. He said he expected the deal to close in May following due diligence.
The sale would put Minnesota's largest newspaper in the hands of one of the state's richest men. Forbes estimated Taylor's net worth to be $1.8 billion. Privately held Taylor Corp. has 80 subsidiaries and 9,000 employees working in a range of printing and marketing businesses. Taylor, 72, also owns the WNBA's Minnesota Lynx.