Barnes & Noble Receives Buyout Offer From Liberty Media
A Barnes & Noble store in the Brooklyn borough of New York. This week Barnes & Noble said that it has received a buyout offer for $1 billion from Liberty Media, the parent company of cable networks QVC and the STARZ channel. (Spencer Platt/Getty Images) Barnes & Noble said this week that it has received a buyout offer from Liberty Media, the parent company of cable networks QVC and the STARZ channel, worth around $1 billion.
In a statement released late Thursday night, the struggling bookstore chain said Liberty is offering $17 a share for the company.
Shares for Barnes & Noble surged more than 30 percent on Friday to $18.44.
The bookstore said the special committee of its board of directors is looking into the proposal. The proposal is contingent on the participation of founding chairman Leonard Riggio, both in terms of his continuing equity ownership and his continuing role in management, the statement reads.
Barnes & Noble is the largest bookstore chain in the U.S. and operates 705 stores nationwide.
Bookstores have struggled during the economic downturn and as customers turn to reading e-books and online. In recent months, bookstore chain Borders filed for Chapter 11 bankruptcy and was forced to close down some of its chains.
Amazon, in a release on Thursday, said that it has sold more e-books than traditional booksanother sign that paper-bound books are not as lucrative as before.
In a statement released late Thursday night, the struggling bookstore chain said Liberty is offering $17 a share for the company.
Shares for Barnes & Noble surged more than 30 percent on Friday to $18.44.
The bookstore said the special committee of its board of directors is looking into the proposal. The proposal is contingent on the participation of founding chairman Leonard Riggio, both in terms of his continuing equity ownership and his continuing role in management, the statement reads.
Barnes & Noble is the largest bookstore chain in the U.S. and operates 705 stores nationwide.
Bookstores have struggled during the economic downturn and as customers turn to reading e-books and online. In recent months, bookstore chain Borders filed for Chapter 11 bankruptcy and was forced to close down some of its chains.
Amazon, in a release on Thursday, said that it has sold more e-books than traditional booksanother sign that paper-bound books are not as lucrative as before.
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