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 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 Jan. 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
said.
As one of the most prestigious newspapers in the world, the Times is
an occasional target among the wealthy — some with unsteady aims.
Donald Trump, the real estate magnate who sells Trump-branded
bottled spring water, was trying to figure out a way to buy the
Times earlier this year, according to a report in New York magazine,
which said that details of Trump's plans were "scant."
It is unlikely that the Times, which has long been controlled by the
Ochs-Sulzberger family, would sell to Chen.
A spokeswoman for the Times said the company did not comment on
rumors.
The company's chairman, Arthur Sulzberger Jr., said recently that
the Times was not for sale.
Chen believes the Times is worth $1 billion, but said he would be
willing to negotiate. The Times current market value is $2.4
billion.
"If we act in sincerity and good faith, I believe the Times chairman
will change his way of thinking," he said.
Chen said if he was unable to buy the New York Times, he would
settle for becoming a controlling stakeholder, and failing that,
would simply buy a stake.
The New York Times Co, which once was a sprawling media outfit with
TV stations, U.S. regional newspapers and ownership stakes in sports
ventures like the Boston Red Sox baseball team and the Liverpool
football club, is now down to its namesake newspaper.
Shares of the New York Times were down 1 percent at $15.93 at midday
on Tuesday, after earlier hitting a 5-1/2-year high of $16.14.
IDEALS
The Ochs-Sulzberger family has owned the Times for more than 100
years and controls the company through a trust of Class B shares
with special voting rights.
"It's not true that everything is for sale," said Ken Doctor, an
analyst with Outsell Research. "That is the reason why the New York
Times has a two-class share system."
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Hurun's Rich List of China's super-wealthy put Chen's wealth at
about $740 million in 2012. Chen said he would not hesitate to sell
off most of his assets if it enabled him to buy the Times.
But Chen said that because his funds were limited, he had persuaded
an unnamed Hong Kong tycoon to put in $600 million while he would
pay the rest.
Chen 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 Times stating that an island chain at the
center of a dispute with Japan had belonged to China since
antiquity.
"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 Times earned the ire of the Chinese government in 2012 with a
report about the wealth of former Premier Wen Jiabao. The Times
website has been blocked there since then.
Chen 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," Chen said, adding that he would like
every Chinese household to subscribe to the paper.
If his offer failed, Chen 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.
(Additional reporting by Jennifer Saba
in New York; editing by Robert Birsel and Leslie Adler)
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