Posts Tagged ‘Barnes & Noble’

QVC Parent Liberty Media Bids $1 Billion for Barnes & Noble

May 20, 2011

We are still having problems posting, so sorry we are late on this.

Cable cowboy John Malone often surprises Wall Street, and us, and yesterday’s news that his Liberty Media was making an offer to buy beleaguered Barnes & Noble was no exception. Liberty Media, of course, is the parent of QVC.

With the advent of e-readers, brick-and-mortar book retailers such as Barnes & Noble are in trouble. And the head of the book seller, Len Riggio, put the company on the block.

Is there synergy with QVC?

The home shopping network has the infrastrucure in place to distribute print books all over the county, like Amazon.com.

And this deal would guarantee QVC host Rick Domeier continued distribution of his inspiractional book, “Can I Have a Do-Over?”

Cable dude John Malone

Here’s last night’s press release.

Liberty Media Announces Proposal to Acquire Barnes & Noble
ENGLEWOOD, Colo., May 19, 2011 (BUSINESS WIRE) —

Liberty Media Corporation (Nasdaq: LCAPA, LCAPB, LINTA, LINTB, LSTZA, LSTZB) announced today that it has made a proposal to acquire Barnes & Noble Inc. for $17 per share in cash. Barnes & Noble is the established leader in bookselling and is at the forefront of the transition to digital, with a management team that has demonstrated expertise in operations and positioned the company for growth in a dynamic marketplace.

Liberty’s proposal, which contemplates that the acquisition will be structured as a merger, is subject to various conditions, including satisfactory financing and the participation of founding chairman Leonard Riggio, both in terms of his continuing equity ownership and his continuing role in management. Liberty’s equity ownership, which would be attributed to the Liberty Capital group, is expected to be approximately 70% of Barnes & Noble. Liberty expects that its cash contribution toward the purchase price, depending on the amount of financing that can be obtained, will be in the range of $500 million.

As previously announced, Liberty plans to split-off the businesses, assets and liabilities currently attributed to the Liberty Capital and Liberty Starz tracking stock groups.

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