Liberty Media Sells off Shares of Barnes & Noble
Liberty Media plans to retain about 10% of its stake in B&N. This firm spent $204 million to acquire a 17% share of the bookseller in August 2011, shortly after its failed takeover bid. There’s no information on how much Liberty Media is getting for their B&N stock, but the press release does say that they sold the majority of its shares to qualified institutional buyers. B&N’s stock price dropped slightly on the news, and is now trading for around $19 a share.
Barnes & Noble has had a tumultuous 16 months ever since the disastrous 2012 holiday season, with declining bookstore and digital sales most quarters. And now it would seem that at lest one investor doesn’t expect the situation to improve.