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

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags internetbusiness issuesconsumer electronicse-readersBarnes & NobleMergers / acquisitionsLiberty Media

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

John Ribeiro

IDG News Service
Show Comments

Cool Tech

Toys for Boys

Skywatcher Dobsonian 8″ Collapsible Telescope

Learn more >

Family Friendly

Whodunnit™ Duo-Scope MFL-007 Microscope Kit

Learn more >

Stocking Stuffer

Logitech Ultimate Ears Wonderboom 2 Bluetooth Speaker

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Tom Sellers

MSI P65

This smart laptop was enjoyable to use and great to work on – creating content was super simple.

Lolita Wang

MSI GT76

It really doesn’t get more “gaming laptop” than this.

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?