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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 BN shares at $17 — a 20% premium over its closing price. Its shares rose 20% after hours on the news.
BN 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.
BN 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.