Chinese Millionaire Sets His Eyes on the New York Times
The New York Times Company (NYSE:NYT) has a new suitor. Chen Guangbiao, a Chinese millionaire who made his money in recycling and is known as an eccentric philanthropist, is apparently prepared to offer $1 billion for the company.
The news is interesting, and strange, for several reasons. First, the Times has a market cap of about $2.4 billion. According to Reuters, Chen said has that, “There’s nothing that can’t be bought for the right price,” but for the Times, $1 billion is probably not that price.
If it is just a matter of money, though, Chen is still in trouble. Chen is estimated to have a net worth of $740 million, and has reportedly secured $600 million from an unnamed investor in Hong Kong. Even if he could liquidate all of his assets and put the money towards a bid for the Times, that’s just $1.24 billion. Chen said he was willing to negotiate for the company, but it doesn’t look like he has a lot of wiggle room when it comes to his budget.