Liberty Media invests $204M in B & N
Liberty Media has decided not to buy Barnes & Noble after all. So instead, John Malone's company has invested in the bookseller.
Liberty purchased $204 million in new preferred stock, convertible into stock that would give Liberty a stake of just less than 17 percent in B&N.
The two companies could not agree on how to value B&N's prospects, according to Reuters.
On the one hand, B&N has built its Nook e-reader into one of the big success stories in that product category. On the other hand, B&N's rivals, including Amazon, are much larger and have more resources.
Liberty's investment earns it two spots on B&N's board. They will be taken by Liberty CEO Gregory Maffei and senior vice president Mark Carleton.