Liberty Media has offered $1 billion to buy Barnes & Noble, the bookseller revealed this evening.The company said it would consider the deal, which values B&N shares at $17 — a 20% premium over its closing price. Its shares rose 20% after hours on the news.
B&N is evaluating the proposal, which requires the approval of its biggest shareholder, Leonard Riggio.
The move would put Liberty, which is mostly a cable and telecommunications company, into the rapidly growing digital book business.
B&N is best known for its bricks and mortar bookstores, but the company’s Nook electronic book reader is selling well and the company plans to introduce a new version next Tuesday.