[Note: press release and staff memo added below. Also, check out this piece on editor Nancy Barnes' future and this reaction from Klingensmith's Entertainment Weekly co-founder Jeff Jarvis.]

You read it here first, sort of, on Monday. Here's the Strib's story about the ex-Time Inc. executive's ascension today. He'll be walking into a shop that's in the process of axing 100 staffers, including, in a plan unveiled just yesterday, 30 or so in the newsroom.

More to come, but here's the news release:

Star Tribune Names Michael Klingensmith Publisher and CEO

MINNEAPOLIS (Jan. 7, 2010)— Michael J. Klingensmith, a Twin Cities native and former Time Inc. executive, today was named publisher and CEO of the Star Tribune.

In his more than 30-year career with Time Inc., Klingensmith, 57, was president of Sports Illustrated, founding publisher of Entertainment Weekly, and an executive vice president of Time Inc. in charge of corporate functions and one of the company’s three operating groups. For the past two years, he was a managing director of AdMedia Partners, a New York mergers and acquisition advisory firm.

“Mike Klingensmith is one of the top publishing executives in this country and is uniquely qualified to lead the Star Tribune,” said Star Tribune Board Chair Mike Sweeney. “He is from here, and he knows the community well. He has managed large, complex media properties. He is entrepreneurial, with extensive experience developing and launching new products—both print and digital. Plus, he has an expansive strategic vision for the future of the Star Tribune.”

Klingensmith, who has an M.B.A. and a B.A. from the University of Chicago, grew up in Fridley, MN and graduated from Fridley High School. He began his career at Time Inc. as a corporate financial analyst and over the next several years held various management positions across the company, including general manager of Time Magazine and CFO of Time Inc. He was the co-developer of the concept for Entertainment Weekly and became its founding publisher, leading the magazine through its launch and to its emergence as one of Time Inc.’s most profitable titles.

In 1998, he was named president of Sports Illustrated, where he grew the franchise by expanding in print, television, events and on the Internet. He helped established the highly profitable SI.com online business.

Klingensmith said, “I can’t think of a more fascinating, challenging and interesting opportunity than coming back to my hometown and leading the Star Tribune. It is an outstanding organization and a great brand with tremendous potential to grow. This is a chance to re-craft the company’s model for the next century, and I’m energized by that mission.”

Klingensmith will begin his new job Monday, January 11. He and his wife will live in Minneapolis. They have two children in college — a son, and a daughter who attends Macalester College in Saint Paul.

Here's what staff was sent, from Strib board chair Mike Sweeney:

Good afternoon, everyone.

We have a new Publisher.

Twin Cities native and diehard Twins fan Mike Klingensmith joins us on Monday. Mike grew up in Fridley with his nine brothers and sisters and, after attending the University of Chicago, went off to get a little seasoning in the New York media market. After 32 years at Time Inc. we think he is now ready for the Big Job in Minneapolis, and we are bringing him home.

I will ask Mike to share his background with you when we get together on Monday in an all-employee meeting, but a few highlights are his roles as President of Sports Illustrated and SI.com, his co-founding of Entertainment Weekly, his term as General Manager of Time Magazine and a stint as Executive Vice President of Time Inc.

Here's why we asked Mike to join us:

- As a native, Mike is a passionate supporter of the Twin Cities and recognizes the fundamental role we play in the life of the community.

- Mike understands the media world but is not tied to doing things the way they have always been done- simply because that's the way they have always been done.

- Mike has managed organizations much larger than ours but has also proven that he has the creativity and flexibility to do a start-up.

- Mike embraces the idea that while our economic model must inevitably change, our commitment to world class journalism is timeless.

When we assembled in October, I told you that we would not rush the process of recruiting a Publisher but that we would not tarry either. I committed that to you that we would fill the position when we were convinced that we had the right person, with the right motivation, for the job. After an exhaustive search, and with no shortage of interested candidates, I am happy to tell you that we have that person.

Please welcome Mike Klingensmith to the Star Tribune.