New York Times To Be Bought By Chinese Tycoon?

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

Chen Guangbiao, a well-known philanthropist, is something of a celebrity in China. The exuberant and tireless self-promoter is known to have given out cans of "fresh air" during a particularly murky bout of pollution in January.

Perfectly serious about bidding to buy the Times, Guangbiao said he had been contemplating the investment for more than two years. Expected to meet a "leading shareholder" in NY, the matter will be discussed on Jan. 5, Reuters reported.

"There's nothing that can't be bought for the right price," Guangbiao told Reuters.

The Times, long been controlled by the Ochs-Sulzberger family, is unlikely to be sold to Guangbiao. After initial Chinese media reports about Guangbiao's offer, a spokeswoman for the NYT said the company did not comment on rumors.

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

According to Reuters, Guangbiao believes the Times is worth $1 billion, but would be willing to negotiate. Because his funds were limited, he said he 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.

If unable to buy the NYT, he would settle for becoming a controlling stakeholder, and failing that, would simply buy a stake, Guangbiao said. Hurun's Rich List of China's super-wealthy put the magnate's wealth at about $740 million in 2012, Reuters reported.

Guangbiao 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 NYT stating that an island chain at the center of a dispute with Japan had belonged to China since antiquity, according to Reuters.

"After that, I realized that the Times' influence all over the world is incredibly vast," he said. "Every government and embassy, all around the world, pays attention to the New York Times."

The NYT report about the wealth of former Premier Wen Jiabao received the ire of the Chinese government in 2012. The Times website has been blocked in China since then.

Guangbiao said it was natural for the government to block the site because the report on Wen "contained biased and negative things that were not verified".

"If I acquire the Times, the paper will only report the truth and must verify all information," he said, adding that he would like every Chinese household to subscribe to the paper, Reuters reported.

If his offer failed, Guangbiao said he would extend offers to CNN, the Washington Post or the Wall Street Journal.

"As long as they have some influence, I'm still willing to consider buying lesser media outlets," he said.