Chinese recycling tycoon wants to buy New York Times

An eccentric Chinese recycling magnate said on Tuesday he was preparing to open negotiations to buy the New York Times Co. However, according to Fox News, it is unlikely the Times, which has long been controlled by the Ochs-Sulzberger family, would sell to Chen Guangbiao.

Chen said he would be willing to negotiate, believing the Times to be worth $1 billion.

A spokeswoman for the New York Times, contacted by Fox News after initial Chinese media reports about Chen's offer, said the company did not comment on rumors.

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