Chinese recycling tycoon says he wants to buy New York Times

Chinese recycling tycoon says he wants to buy New York Times
Chen Guangbiao (inset)

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, something that he said he had been contemplating for more than two years. He said he expected to discuss the matter on January 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 said.

As one of the most prestigious newspapers in the world, the Times is an occasional target among the wealthy -- some with unsteady aims.

Donald Trump, the real estate magnate who sells Trump-branded bottled spring water, was trying to figure out a way to buy the Times earlier this year, according to a report in New York magazine, which said that details of Trump's plans were "scant."

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

A spokeswoman for the Times 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 US$1 billion, but said he would be willing to negotiate. The Times current market value is US$2.4 billion.

"If we act in sincerity and good faith, I believe the Times chairman will change his way of thinking," he said.

Chen said if he was unable to buy the New York Times, he would settle for becoming a controlling stakeholder, and failing that, would simply buy a stake.

The New York Times Co, which once was a sprawling media outfit with TV stations, US regional newspapers and ownership stakes in sports ventures like the Boston Red Sox baseball team and the Liverpool football club, is now down to its namesake newspaper.

Shares of the New York Times were down 1 per cent at US$15.93 at midday on Tuesday, after earlier hitting a 5-1/2-year high of US$16.14.

Purchase this article for republication.

BRANDINSIDER

SPONSORED

Most Read

Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.