New York Times blocks buyout bid from Chinese tycoon

A bid to acquire the New York Times by high profile Chinese tycoon Chen Guangbiao has been blocked after the paper refused to negotiate with him face to face.

According to Reuters, Chen does not hold any shares in New York Times Inc., nor did he intend to buy any.

A bid to acquire the New York Times by high profile Chinese tycoon Chen Guangbiao has been blocked. [weibo.com]

Chen announced a week ago that he was offering a US$ 1billion bid to buy the New York Times, which is currently valued at US$2.3 billion, and has been owned by the Sulzberger family for more than 100 years.

Chen recently published an article in which he wrote: "I am using an unexpected tactic, but it is not a flamboyant trick. Please do not see this bid as a joke."

Chen will continue his campaign to buy out the paper by trying to partner with local influential families.

Arthur Sulzberger Jr., the chairman of the board of the New York Times, recently said that the board had no intention to sell the paper.

The New York Times has not yet commented on the bid.

The New York Times is an influential newspaper, known for its serious style. It enjoys a high degree of credibility among its readers worldwide, though it has been sometimes regarded as too prim and dubbed "the Grey Lady".