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Chinese Recycling Tycoon Will Learn Why the New York Times Is Tough to Buy

Chinese billionaire and philanthropist Chen Guangbiao offers Chinese cars to owners of Japanese cars damaged during anti-Japan protests in Nanjing, China on Oct. 10, 2012. Photographer: AP Photo

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By Edmund Lee

January 2, 2014 at 10:03 PM UTC

This article is for subscribers only.

It's no wonder the New York Times is a valuable prize, given its palpable influence, felt daily in the U.S. and abroad. That's drawn the interest of a Chinese businessman named Chen Guangbiao, the latest self-styled tycoon to consider a bid for the Times. He made his riches in the recycling business and claims to have raised enough cash — about $1 billion, according to a story in the Times — to buy a large or controlling stake in the company.

One problem: Unlike most publicly traded companies, control over the New York Times is not for sale.