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By the 1970s, his business had grown to include seven college bookstores, and he bought thethen-failing Barnes & Noble bookselling brand and its existing Barnes & Noble bookstore on Fifth Avenue. The company book shoppers know today has its roots in a single New York bookstore, the Student Book Exchange, which Riggio opened in 1965.
EVERY MANS BATTLE BARNES AND NOBLE MOVIE
Liberty Media operates three publicly traded companies - Liberty Interactive Inc., Liberty Starz Group and Liberty Capital Group - through which it runs homeshopping network QVC and movie channel operator Starz LLC and holds stakes in numerous other online, media and communications companies.īarnes & Noble, which is based in New York, has 705 stores nationwide and 636 bookstores run by its Barnes & Noble College Booksellers LLC subsidiary. Strasser values Barnes & Noble’s stock at $20 per share.īarnes & Noble’s board hasn’t weighed in on the deal yet, and the deal is still subject to closing conditions, including that founding Chairman Leonard Riggio keep a stake in the company and remain in a management position. Some even think Barnes & Noble is worth more.ĭavid Strasser of Janney Capital Markets said in a client note that the $17 per share bid is not enough, based on Barnes & Noble’s near- and long-term prospects as itbuilds up its e-book business and short-term advantages from the bankruptcy of brickand-mortar competitor Borders Group Inc. “Yet as a division of a much larger company, can afford to fight the good fight, and based on its success to date, win.” “As a public company covered by retail analysts, may not have the leeway or resources to keep up the technology battle,” wrote Gary Balter, an analyst at Credit Suisse in a report published Friday. Barnes & Noble shares ended at $18.33 Friday, up $4.22. has offered to buy it for about $1 billion.īeing part of a bigger conglomerate could boost Barnes & Noble’s ability to invest in remaking itself for the age of electronic books, analysts say.īarnes & Noble said that the cash offer is worth $17 a share from the conglomerate chaired by billionaire Malone. NEW YORK Barnes & Noble Inc.’s shares jumped nearly 30 percent Friday after the company said media mogul John Malone’s Liberty Media Corp.