Barnes & Noble announces Hart-Scott-Rodino approval of Liberty Media investment
New York City -- Barnes & Noble said Tuesday that the FTC has granted early termination of the waiting period under the Hart-Scott-Rodino Act, allowing investor Liberty Media to move forward with its stock purchase in the bookseller.
Barnes & Noble announced on Aug. 18 that Liberty Media invested an aggregate of $204 million in the company through the purchase of newly issued convertible preferred stock, totaling a 16.6% interest in Barnes and Noble.
Under the terms of the investment, Liberty has elected two nominees to Barnes & Noble’s board of directors. Barnes & Noble will expand its board to eleven members to include Gregory B. Maffei, Liberty Media’s president and CEO, and Mark D. Carleton, senior VP of Liberty.