Glen Taylor owns many businesses, including the Minnesota Timberwolves of the N.B.A., and is now making a bid for The Star Tribune in Minneapolis.
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Glen Taylor, owner of the Minnesota Timberwolves basketball team, has signed a letter of intent to buy The Minneapolis Star Tribune, the newspaper announced on Tuesday.
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The Minneapolis Star Tribune filed for bankruptcy after failed efforts from ads forced them to cease operations. They join the growing ranks of newspapers and publications rumored to be declaring bankrupt soon. Tribune Co., another newspaper company had also filed for Chapter 11 prior with practically the same case, declining ad revenues.
The Star Tribune, which competes with the St. Paul Pioneer Press in the Twin Cities of Minneapolis-St. Paul, listed assets of between $100 million and $500 million and debt of between $500 million and $1 billion in a Chapter 11 filing late yesterday in U.S. bankruptcy Court in Manhattan.
(Source) Bloomberg
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