Chinese tycoon wants to buy New York Times for $1 billion

December 31, 2013 18:28

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 told Reuters.

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