Greenspring Company
The Greenspring Company is the for-profit subsidiary of the non-profit American Public Media Group, and the parent company of the for-profit organization Greenspring Media Group, publishers of Minnesota Monthly and other publications. Profits gathered from Greenspring are funneled through American Public Media Group in order to help fund Minnesota Public Radio, although Greenspring is apparently taxed before this money flow occurs.
Greenspring previously owned The Rivertown Trading Company, which was sold to Target Corporation in 1998 for US$120 million. This move also controversially gave Kling a $2.6 million payout. In 2004, the company sold the Minnesota News Network (MNN) to Saga Communications, apparently along with station WMNN. However the company kept KLBB and KLBP radio, which remained affiliated with MNN. Radio station WMNN was sold to Starboard Broadcasting organization, which programs the Catholic radio network Relevant Radio. In 2005, KLBB and KLBP were sold to Davidson Media Group for US$5.2 million.
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