Liberty Media, after much deliberation, has decided to purchase 12 million shares or a %16.6 stake in Barnes and Noble. The struggling bookseller has received a liquid capital investment of over $204 million dollars.
Earlier on in May Liberty Media wanted to straight up buy Barnes and Noble for one billion dollars. The original deal obviously did not go through, but it was a matter of a strategic partnership.
The main draw about Barnes and Noble is their ebook and e-Reader technology that has saved the company from meeting an untimely demise like Borders did. The Nook line of e-readers as been an unbridled success for the company and continues to be the bookstore’s top seller.
Leonard Riggio, Chairman of Barnes & Noble said, “We could not have found a better strategic investor than Liberty Media. Their investment is a strong endorsement of our overall business and the additional capital will further fuel the explosive growth of our digital strategy.”
“We are excited about Barnes & Noble’s prospects as the leading bookseller in the US and its growth opportunities in the digital world,” said Greg Maffei, Liberty Media’s President and CEO. “This investment provides Barnes & Noble with capital to grow its business on terms that are attractive for both parties and allows us to play a meaningful role in shaping their success to generate returns for our shareholders and theirs.”