Mike Klingensmith Headed for Minneapolis Star Tribune?

Former Time Inc. exec Mike Klingensmith could be named president of the Minneapolis Star Tribune, his hometown paper, as early as today, according to someone familiar with the situation.

Klingensmith, who recently stepped down as managing director at media M&A firm AdMedia Partners, was on vacation and couldn’t be reached for comment. He was executive vp at Time Inc. until early 2008, when he stepped down after 30 years at the company. During his career there, he ran Sports Illustrated and Entertainment Weekly, which he helped launch.

The Star Tribune was the former flagship of the McClatchy Co., which sold it in 2006 to Avista Capital Partners after swallowing up the Knight Ridder chain. Like all newspapers, the Star Tribune has faced steep declines in advertising, and last year, it filed for bankruptcy protection. The paper’s publisher and chairman Chris Harte was to step down before it emerges from bankruptcy. Calls to the paper haven’t been returned.