Liberty Media reduces Barnes & Noble stake

New York -- Liberty Media Corp. has entered into agreements to reduce its stake in Barnes & Noble. Liberty Media informed Barnes & Noble that while Liberty has sold the majority of its shares to qualified institutional buyers, it will retain approximately 10% of its initial $204 million investment, which could be converted to a 17% ownership stake.

Liberty further informed Barnes & Noble that the sale is expected to settle on April 8. As a result of Liberty’s reduced ownership, they will no longer have the right to elect two preferred stock directors to Barnes & Noble’s board. In addition, Liberty’s consent rights and pre-emptive rights will cease to apply. Due to the loss of the right to elect two preferred stock directors, Greg Maffei president and CEO, Liberty Media, will cease to serve on the board as of the closing on April 8. Mark Carleton has been re-elected to the Barnes & Noble Board effective upon the closing on April 8.

“By reducing our preferred position and eliminating some of our related rights, Barnes & Noble will gain greater flexibility to accomplish their strategic objectives,” said Maffei.“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 Nook spaces,” Maffei added.

Login or Register to post a comment.