Publishers Weekly reports that Liberty Media, owner of the Starz movie and QVC home shopping channels, has just bid $1 billion—$17 per share—in cash to purchase Barnes & Noble. This is significantly higher than the $14.11 share price the company had at close of business May 19th. The offer includes a number of conditions, such as the continuing participation of chairman Len Riggio.
Will a media company have a good working synergy with a bookstore chain? (Apart from the obvious benefit of being able to sell Nooks on QVC.) If the offer goes through, we might soon find out. Certainly Liberty is friendlier toward Riggio than the previous would-be purchaser, Ron Burkle, was.
(Found via Publishing Perspectives.)
