Greenspring Company
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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. The chairman of Greenspring is Conley Brooks, Jr., and the company's president is Bill Kling. Kling owns a significant portion of Greenspring and has made a large amount of money through the organization. He is also considered the head of the entire American Public Media Group family.
Greenspring previously owned The Rivertown Trading Company, which was sold to Target Corporation in 1998 for US$90 million. This move also controversially gave Kling a $2.6 million payout. In 2004, the company sold the MNN Radio Network to Saga Communications Corporation, apparently along with station WMNN. However the company kept KLBB radio, which remained affiliated with MNN (the network). WMNN (the station) has now been sold to a Christian radio organization. In 2005, KLBB 1400/1470 AM was sold to Davidson Media Group for US$5.2 million.
