Chinese tycoon Chen Guangbiao dials back New York Times bid, admits offer faces obstacles
By VCPOST Staff Reporter
Jan 08, 2014 01:55 AM EST
Regions
Chinese philanthropist Chen Guangbiao arrives at a news conference to announce his underwriting for the full surgical regimen of mother and daughter, Hao Huijun and Chen Guo, who were disfigured after their 2001 self-immolation incident in Tiananmen Square, at a hospital in New York, January 7, 2014. (Photo : Reuters)
Chinese recycling tycoon Chen Guangbiao dialed back his ambitious plans to buy American media company The New York Times Co. a week after making his intentions public.
Chen through a translator on Tuesday said that the level of diffuclty is great, Reuters reported.
According to the report, Chen currently does not hold shares in the Times, nor does he plan to buy any of its common shares. The Chinese billionaire also noted that the Times rebuffed a request for a meeting.
The Times, which publishes the namesake newspaper, has a market value of $2.3 billion. Chen said last week he thinks the prestigious newspaper is worth $1 billion. The Chinese tycoon has been mulling a bid for the Times for the past two years, Reuters said.
New York's Ochs Sulzberger family controls the Times through a trust of Class B shares with special voting rights. The household has owned the Times for more than 100 years. Times chairman Arthur Ochs Sulzberger Jr. has said recently the media company is not for sale, the report stated.
Chen in an interview on Tuesday said that he still covets the newspaper but hopes to find an American entrepreneur to partner with to make the purchase.
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