MINNEAPOLIS (AP) — Minnesota Timberwolves owner and printing magnate Glen Taylor has signed a letter of intent to buy the Minneapolis Star Tribune.
Publisher Michael Klingensmith announced the letter in a note to staff Tuesday.
Klingensmith says Taylor is going through due diligence that should lead to the sale of the company.
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 Star Tribune emerged from bankruptcy in 2009. A pair of investment companies, Wayzata Investment Partners and GE Capital, together own about 75 percent of the newspaper's shares.