Business

Chinese Businessman Wants To Buy The New York Times

A Chinese recycling mogul says he is serious about buying The New York Times for $1 billion.

Chinese Businessman Wants To Buy The New York Times
Wikimedia Commons / Michal Osmenda
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Extra, extra, read all about how an eccentric Chinese business mogul is serious about purchasing The New York Times.

"A Chinese recycling tycoon is in New York right now, apparently trying to buy The New York Times. ... He believes The Times is worth $1 billion but is willing to negotiate." (Via WWMT)

Chen Guangbiao wrote a piece for the Global Times addressing those who have dismissed his idea. 

He calls the paper the most influential in the world and explains his goal is "to make the paper's reports more authentic and objective, thus rebuilding its credibility and influence."

And he says an unnamed entrepreneur is willing to contribute $600 million to the acquisition. So, there's an interested buyer. But is The Times is even for sale? Nope, not really. 

For one thing, The Times' market value is estimated at a hefty $2.4 billion. For another, the Sulzberger family owns the vast majority of company shares and has owned and published the paper for generations. 

Media and business experts are calling a sale not only highly unlikely, but also structurally difficult. 

Chen was previously known for successfully selling Bejing residents cans of fresh air and for his impressive philanthropy. He doesn't have media experience or speak proficient English. (Via International Business Times)

‚ÄčEven though The New York Times has recently created a Chinese-language version, the paper has been blocked in China over several investigative pieces it published in 2012, including a Pulitzer Prize-winning article exposing how the then-prime minister secretly provided a fortune of funds to family members. (Via The New York Times)

If Chen doesn't end up acquiring The Times, he says he will look into buying other influential media outlets.