Liberty Media Bids for Barnes & Noble
Barnes & Noble Inc. said that Liberty Media Corp. has offered to buy the bookseller in a deal valuing it at about $1 billion.
Barnes & Noble shares were up 20 percent in after-hours trading Thursday on the news, matching the $17-a-share offer price from John Malone’s media empire.
The bookseller has been reviewing strategic alternatives, including a sale, since last summer.
The offer for the country’s largest bookstore chain represents a bold foray for Liberty into a new segment of entertainment products and signifies the growing significance of digital and online business in the book industry.