Update: Taylor Corp. Owner Glen Taylor Makes Formal Bid to Buy Minneapolis Star Tribune

Glen Taylor, the owner of the Minnesota Timberwolves and one of the wealthiest people in Minnesota, has made a formal bid to buy the Star Tribune, the Minneapolis newspaper confirmed Tuesday.

In a statement, Star Tribune Media Co. said Taylor had a letter of intent for Taylor to acquire the company and he was currently engaged in due diligence. Terms weren't disclosed, though a separate Star Tribune report said that Taylor's offer was all cash, without any other investors.