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Liberty Media ends B&N bid

19.08.11 | Bookseller Staff

Liberty Media has ended its long-running takeover bid for Barnes & Noble, choosing instead to invest $204m into the bookseller.

With the investment, Liberty now holds 16.6% of the company's common stock. B&N chairman Len Riggio will continue to head up the bookseller.

He said: "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."

Liberty first entered talks with Barnes & Noble in May. Publishers Weekly noted one possible hurdle stopping the deal was uncertainty in the debt market, which would make raising finance difficult.

Greg Maffei, Liberty’s president and c.e.o., said: "We are excited about Barnes & Noble’s prospects as the leading bookseller in the US and its growth opportunities in the digital world.

"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."

 

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