Liberty Media Corporation is selling off its majority stake in Barnes & Noble “to qualified institutional buyers in reliance on Rule 144A under the Securities Act,” the company reported today.
Liberty will hold on to about 10 percent of its investment. The sale is expected to settle on Tuesday, April 8. In its new position, Liberty will lose its two preferred stock directors on Barnes & Noble’s Board — Greg Maffei and Mark Carleton will no longer serve on the board as of April 8th.
“By reducing our preferred position and eliminating some of our related rights, Barnes & Noble will gain greater flexibility to accomplish their strategic objectives,” stated Greg Maffei, President and Chief Executive Officer, Liberty Media. “We look forward to maintaining our relationship with the Company and are pleased that Mark Carleton will continue serving on the board. Mike Huseby and his team are doing a great job in the retail, college and NOOKspaces.”