Chinese Tycoon Admits New York Times Bid Faces Obstacles

Chen, known for his flashy philanthropy, does not hold shares in the Times, nor does he plan to their website buy [read] any of its common shares, he said, noting that the Times rebuffed a request for a meeting. The company, which publishes the namesake newspaper, has a market value of $2.3 billion. Chen, who has been mulling a bid for the prestigious newspaper for the past two years, said last week he thinks it is worth $1 billion. The Ochs-Sulzberger family, which has owned the Times for more than 100 years, controls the company through a trust of Class B shares with special voting rights. He penned a column in The Global Times on January 5 asking readers not to take his intention of buying the paper as a trick or joke. Chairman Arthur Sulzberger Jr. has said recently the Times is not for sale. A New York Times spokeswoman external link declined to comment on Chen.
Full story: http://www.reuters.com/article/2014/01/08/us-china-newyorktimes-idUSBREA0700T20140108?feedType=RSS