The New York Times in the hands of a Chinese owner? Shares rose this week to a five-year high at the notion of Chinese business tycoon Chen Guangbiao’s reported push to buy a controlling interest in the company.
Mr. Chen is reportedly going to meet a shareholder to discuss the possible purchase this weekend, The New York Post said. But the Sulzberger family still owns the bulk of shares in the company and says it’s not selling — despite pressure from investors over the past few years to overcome its financial woes.
But Mr. Chen insists Times Co. could be bought, for the right amount of money.
“There’s nothing that can’t be bought for the right price,” he said, The New York Post reported.
He also said he’d pay up to $1 billion for controlling interest, and that he’d already raised $600 million of that from an unnamed partner in Hong Kong, Reuters reported. At the same time, The New York Post reports Mr. Chen has made grand statements of business dealings in the past, without following through on action.
The New York Post said the company’s stock actually hit $16.14 a share — a five-year high — due to the talk of the sale, before falling to $15.87.