Multi-matrix models are toy-models for gluon dynamics in quantum
non-abelian gauge theories, such as Yang-Mills theory. They also appear in
models for quantum gravity and various combinatorial problems. The 't
Hooft limit as the matrices become large is a `classical' limit and
expected to be a good starting point for an approximation method. However,
determining the limiting correlations is itself difficult and requires
further approximations. We present a variational principle for Euclidean
large-N matrix models. It can be regarded as a classical action for a
discrete model of closed string field theory. It involves the confluence
of ideas on the entropy of operator-valued random variables and the
cohomology of automorphism groups of tensor algebras.