Chen Guangbiao, the Chinese recycling tycoon who last week expressed interest in buying a $1 billion stake in the New York Times Co., said he is no longer pursuing a deal.

In an interview with Forbes in New York on Tuesday, Chen said he had scheduled a meeting on Jan. 5 with “a small shareholder” of the Times who was introduced to him by a Chinese-American friend and supposedly would help “coordinate the deal from the top.” The meeting was canceled, however, because Chen’s premature announcement and the ensuing media attention angered the friend and shareholder, said Chen.

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