BEIJING (CNNMoney)
An eccentric Chinese businessman with a penchant for publicity stunts is seeking to buy The New York Times Company.
Chen Guangbiao, a rags-to-riches tycoon who made millions in the recycling business, said he would fly to New York on Friday to meet with a representative of The Times.
With a net worth estimated at $810 million, Chen is known in China as a philanthropist — even if his methods are somewhat unusual. To promote environmental causes, for example, Chen has distributed cans filled with “clean air.”
When it comes to The Times (NYT), Chen insists he is serious. “It’s not a stunt,” he said in a phone interview with CNN Thursday. “I have dreamed about the purchase for almost two years. I am very sincere about it.”
While company shares spiked on initial reports of Chen’s interest, there are reasons to believe the bid will not come to fruition. The newspaper’s publisher, Arthur Sulzberger Jr., who is also chairman of the Times Company, has said that the paper is not for sale.
“Will our family seek to sell The Times?” Sulzberger said in August. “The answer to that is no.”
To ensure control of the company and discourage takeover attempts, the Ochs-Sulzberger family maintains a trust of Class B shares that come with special voting rights. Without the family’s participation, Chen will be limited to buying publicly available Class A shares.
Categories: China, United States