Shares of the New York Times Co. hit a five-year high Tuesday after a Chinese businessman expressed interest in acquiring a large or controlling stake in the publishing firm.
The stock hit $16.14 a share before easing to close the session down 1.4 percent, at $15.87.
Chen Guangbiao, a recycling magnate, told Reuters he was due to meet a Times shareholder on Jan. 5 to discuss his interest in the paper.
The Sulzberger family, which controls the New York Times, has been under pressure from investors in recent years as the company, battling eroding print advertising, has experienced some financial distress.
The Graham family, which operated the Washington Post, sold the paper to Amazon CEO Jeff Bezos in August.
The Sulzbergers have maintained that the Times Co. is not for sale.
“There’s nothing that can’t be bought for the right price,” Chen countered, telling Reuters he’d be willing to invest up to $1 billion in the company.
The New York Times Co. has a market cap of $2.4 billion.
Chen, who has been known for making large pronouncements simply to gain publicity, said he has raised $600 million from an unnamed Hong Kong-based partner.
In its latest quarter, the Times reported revenue of $361.7 million. Times Co. advertising revenue was $138 million, while total circulation revenue was $204 million, through Sept. 29.
The China market is important if the Times’ international ambitions are to be realized.
The firm just relaunched its International Herald Tribune as the International New York Times.
The Times launched a Chinese-language lifestyle website in October, according to Reuters.