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Chinese tycoon admits New York Times bid faces obstacles

Published on Jan 8, 2014 10:53 AM

NEW YORK (REUTERS) - Chinese recycling tycoon Chen Guangbiao dialed back his ambitious plans to buy The New York Times Co just over a week after making his intentions public.

"The level of difficulty is great," he said through a translator on Tuesday.

Mr Chen, known for his flashy philanthropy, does not hold shares in the Times, nor does he plan to buy 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 US$2.3 billion (S$2.9 billion). Mr Chen, who has been mulling a bid for the prestigious newspaper for the past two years, said last week he thinks it is worth US$1 billion.

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