L. McMaken
8-25-11
Cincinnati, OH
Liberty Media, owner of QVC, Provide Commerce, Backcountry.com, Celebrate Interactive, Bodybuilding.com. Evite and Expedia has just invested $204 million in Barnes & Noble. The media firm had originally moved to purchase B&N for nearly $1 billion, but as the deal faltered, they instead bought $204 million in preferred stock.
In a statement regarding the investment, Liberty Media said, “Under the terms of the strategic investment, Liberty purchased preferred stock, convertible into approximately 12 million shares or 16.6% of the Company’s common stock at a price of $17 per share, and with a dividend rate of 7.75% per annum to be paid quarterly. The investment, which was approved by Barnes & Noble’s board of directors following recommendation made by its Special Committee.”
