Liberty Media offers to buy Barnes & Noble

The Nook maker has been struggling in its brick-and-mortar business

U.S. bookseller Barnes & Noble might have found a buyer. On Thursday the maker of the Nook e-reader said it has received an acquisition proposal from media conglomerate Liberty Media.

Liberty Media is offering US$17 a share in cash, which values the company at close to $1 billion. Confirming the proposal, Liberty Media said the deal will see it take a stake of about 70 percent in the struggling bookseller.

Its proposal to acquire Barnes & Noble is contingent on the participation of founding chairman Leonard Riggio, both as a manager and shareholder of the company.

Barnes & Noble said in August 2010 that its Board of Directors intended to evaluate a number of alternatives for the company, including a possible sale, after it concluded that its shares were significantly undervalued.

The company's brick and mortar bookstore business has been struggling along with that of competitors. Borders Group filed for Chapter 11 bankruptcy protection in February.

Barnes & Noble is pushing into the digital space with its Nook e-book reader, a new version of which is expected to be announced on May 24.

It added tablet-like functions to its reader last month with a software update, version 1.2, for its Nook Color, that delivers apps, full-featured e-mail, and enhanced web browsing.

Barnes & Noble said in February that its sales of e-books is twice that of physical books through its online site.

Liberty Media owns interests in a broad range of electronic retailing, media, communications and entertainment businesses. Its interactive arm, which will make the proposed acquisition, holds stakes in QVC, Expedia and several other e-commerce sites.

The acquisition proposal will now be studied by Barnes & Noble.

John Ribeiro covers outsourcing and general technology breaking news from India for The IDG News Service. Follow John on Twitter at @Johnribeiro. John's e-mail address is john_ribeiro@idg.com

Tags Barnes & Noblebusiness issuesconsumer electronicsMergers / acquisitionsinternete-readersLiberty Media

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

John Ribeiro

IDG News Service

Comments

Comments are now closed.

Most Popular Reviews

Follow Us

Best Deals on GoodGearGuide

Shopping.com

Latest News Articles

Resources

GGG Evaluation Team

Kathy Cassidy

STYLISTIC Q702

First impression on unpacking the Q702 test unit was the solid feel and clean, minimalist styling.

Anthony Grifoni

STYLISTIC Q572

For work use, Microsoft Word and Excel programs pre-installed on the device are adequate for preparing short documents.

Steph Mundell

LIFEBOOK UH574

The Fujitsu LifeBook UH574 allowed for great mobility without being obnoxiously heavy or clunky. Its twelve hours of battery life did not disappoint.

Andrew Mitsi

STYLISTIC Q702

The screen was particularly good. It is bright and visible from most angles, however heat is an issue, particularly around the Windows button on the front, and on the back where the battery housing is located.

Simon Harriott

STYLISTIC Q702

My first impression after unboxing the Q702 is that it is a nice looking unit. Styling is somewhat minimalist but very effective. The tablet part, once detached, has a nice weight, and no buttons or switches are located in awkward or intrusive positions.

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?