Chinese recycling tycoon says he wants to buy the New York Times

Chinese recycling tycoon says he wants to buy the New York Times
Flamboyant Chinese millionaire philanthropist Chen Guangbiao handing out cash to a partially blind girl he spotted at a charity function to mark Lianhe Wanbao’s 30th anniversary at HDB Hub on 9 March 2013.

BEIJING - An eccentric Chinese recycling magnate said on Tuesday he was preparing to open negotiations to buy the New York Times Co..

Chen Guangbiao, a well-known philanthropist, is something of a celebrity in China. During a particularly murky bout of pollution in January, the ebullient and tireless self-promoter handed out free cans of "fresh air".

But Chen says he is perfectly serious in his bid to buy the Times, which he said he had been contemplating for more than two years. He said he expected to discuss the matter on Jan. 5, when he is due to meet a "leading shareholder" in New York. "There's nothing that can't be bought for the right price,"Chen told Reuters.

It is unlikely that the Times, which has long been controlled by the Ochs-Sulzberger family, would sell to Chen.

A spokeswoman for the New York Times, contacted after initial Chinese media reports about Chen's offer, said the company did not comment on rumours.

The company's chairman, Arthur Sulzberger, Jr., said recently that the Times was not for sale.

Chen believes the Times is worth $1 billion, but said he would be willing to negotiate.

He said that because his funds were limited, he had persuaded a Hong Kong tycoon to put in $600 million while he would pay the rest. He said the tycoon was not ready to reveal his identity. "If we act in sincerity and good faith, I believe the Times chairman will change his way of thinking," he said.

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