Barnes & Noble announced it received a buyout offer from Liberty Media. The deal would value the struggling bookseller at $1 billion.
Liberty Media has its fingers in many media pots, owning interests in companies such as QVC, Expedia, and Evite. The offer on the table is $17 a share, which would be 20 percent higher than Barnes & Noble’s closing price yesterday.
Liberty’s offer is well timed. The United States’ largest bookseller has suffered in book sales as their consumer base is shopping for deals more aggressively online, while others are converting to the e-book revolution.
Barnes & Noble said they will form a special committee to consider the offer. It has already made clear that any potential deal would need to keep the company’s chairman, Leonard Riggio, intact in his equity ownership and management positions.