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 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. 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.
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. Hurun's Rich List of China's super-wealthy put the magnate's wealth at about $740 million in 2012. Chen said he would not hesitate to sell off most of his assets if it enabled him to buy the Times. Chen said his aim was not to push any political agenda, but rather his personal ideals of "peace on earth, protecting the environment and philanthropy".
He attracted attention in August 2012 when he bought a half-page advertisement in the New York Times stating that an island chain at the centre of a dispute with Japan had belonged to China since antiquity.
China?s recycling magnate wants to buy NYT - The Times of India
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 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. 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.
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. Hurun's Rich List of China's super-wealthy put the magnate's wealth at about $740 million in 2012. Chen said he would not hesitate to sell off most of his assets if it enabled him to buy the Times. Chen said his aim was not to push any political agenda, but rather his personal ideals of "peace on earth, protecting the environment and philanthropy".
He attracted attention in August 2012 when he bought a half-page advertisement in the New York Times stating that an island chain at the centre of a dispute with Japan had belonged to China since antiquity.
China?s recycling magnate wants to buy NYT - The Times of India
