Report: Chinese Magnate Interested In Buying NYTimes

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

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, something that 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.

Chen Guangbiao

"There's nothing that can't be bought for the right price," Chen said.

As one of the most prestigious newspapers in the world, the Times is an occasional target among the wealthy -- some with unsteady aims.

It is unlikely that the Times, which has long been controlled by the Ochs-Sulzberger family, would sell to Chen.

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

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