Beleaguered bookseller Barnes & Noble Inc. has a buyer. Elliott Management Corp. agreed to purchase the chain for $6.50 per share in an all-cash transaction valued about $476 million, plus the assumption of debt, the company said in a statement Friday. Barnes & Noble shares rose as much as 11 percent to $6.61 on Friday. They had surged 30 percent on Thursday on news that Elliott was close to a deal. Elliott, run by the billionaire Paul Singer, has experience in the book business. It acquired Waterstones, a U.K. book retailer, last year. James Daunt, chief executive officer of Waterstones, will also become CEO of Barnes & Noble. Elliott will keep the chains operating independently but the brands will “share a common CEO and benefit from the sharing of best practice between the companies.” Including debt, the deal is valued at $683 million, according to the companies. It’ll be funded by a $700 million asset-based revolving credit facility from Wells Fargo Bank and Bank of America, as well as a $125 million first-in, last-out credit facility backed by a Carlyle Group credit unit, a Pathlight Capital fund and Wells Fargo, according to regulatory filings. The deal also includes a $30 million breakup fee, the filings show. Barnes & Noble, with more than 600 stores, has tried strategies such as offering food and coffee and selling non-book merchandise, but has failed to stem the onslaught of Amazon.com Inc. Along the way, it’s weathered self-inflicted... Continue reading at 'Advertising Age'
[ Advertising Age | 2019-06-07 16:16:58 UTC ]
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Barnes & Noble’s second-quarter financial performance had both good news and bad news. Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-12-01 00:00:00 UTC ]
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In a move that could provide a boost to the small but growing digital comic book business, DC Comics has signed deals to sell comics through online stores owned by Apple, Amazon and Barnes & Noble. Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-11-08 00:00:00 UTC ]
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Amazon Prime's trifecta of two-day shipping, instant media streaming and monthly Kindle book rentals just became a little more consumer friendly at a slightly higher price. As a Hacking Netflix reader recently noticed, Amazon is now inviting users to buy into Prime for $7.99 a month, bringing... Continue reading at Engadget
[ Engadget | 2012-11-06 00:00:00 UTC ]
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Barnes & Noble has suffered a serious security breach in 63 of its shops. Payment readers were fitted with a bug, which has harvested details of customers' credit cards. The firm discovered the breach over six weeks ago, but has kept the matter quiet at the behest of the Justice Department,... Continue reading at Fast Company
[ Fast Company | 2012-10-25 00:00:00 UTC ]
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Book retailer Barnes & Noble this morning revealed that 63 of its stores have been victims of PIN pad tampering, following an internal investigation of "every PIN pad in every store" (just under 700 locations). B&N calls the tampering, "a sophisticated criminal effort to steal credit... Continue reading at Engadget
[ Engadget | 2012-10-24 00:00:00 UTC ]
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Book retailer Barnes and Noble announced on Thursday that its partnership with Microsoft in a new limited liability company called Nook Media LLC is complete and ready to go ahead of Windows 8's launch. Barnes and Noble first announced it was considering a spin-off of its digital content... Continue reading at Betanews
[ Betanews | 2012-10-04 00:00:00 UTC ]
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Barnes & Noble Nook is ramping up its digital media offerings with a new video-download and rental service. Continue reading at AllThingsD
[ AllThingsD | 2012-09-25 00:00:00 UTC ]
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When the US Department of Justice sued Apple and five major book publishers over alleged ebook price rigging, it immediately became clear that a few of these companies would do just about anything to avoid trial. That same day, three of the publishers -- HarperCollins, Simon & Schuster and... Continue reading at Engadget
[ Engadget | 2012-08-30 00:00:00 UTC ]
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Barnes & Noble has finally scheduled the long-awaited international debut of its Nook e-reader. The company said Monday that it will begin selling its Nook Simple Touch and Nook Simple Touch with GlowLight in the U.K. in mid-October. The devices will be sold online through a new digital... Continue reading at AllThingsD
[ AllThingsD | 2012-08-20 00:00:00 UTC ]
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US bookseller Barnes & Noble has confirmed that it will be bringing its Nook digital eBook readers and bookstore to the UK in the autumn. Initially the devices, which include Nook Simple Touch and the Nook Simple Touch with GlowLight, will only be available through the company’s online... Continue reading at Betanews
[ Betanews | 2012-08-20 00:00:00 UTC ]
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Well, our English friends, today is a good day. Your choice in e-readers is about to get that much better as Barnes & Noble has decided to make your homeland the first stop on its highly-anticipated international tour. The Nook and its associated store will be making their big debut in the... Continue reading at Engadget
[ Engadget | 2012-08-20 00:00:00 UTC ]
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We'd say it's about time. Although it's almost two years late to the party, Barnes & Noble is responding to Amazon's Kindle for the Web with Nook for Web. Much like its counterpart across the virtual aisle, the Nook web edition lets readers browse free samples and whole books entirely from a... Continue reading at Engadget
[ Engadget | 2012-07-17 00:00:00 UTC ]
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Even in the digital age, Barnes & Noble can’t avoid the headache of returns. Although the company posted lots of positive results for the year-end and fourth quarter of fiscal 2012, the number most analysts seem to focus on was Nook segment sales for the fourth quarter, which fell 10.5%, to... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-06-25 00:00:00 UTC ]
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Barnes & Noble said Tuesday that its fiscal fourth-quarter loss narrowed as the company continues to invest in its Nook e-reader business.Barnes & Noble said Tuesday that its fiscal fourth-quarter loss narrowed as the company continues to invest in its Nook e-reader business. Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-06-19 00:00:00 UTC ]
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The bookseller also said that Justice officials did not take the company's objections seriously before the settlement, that they were only "checking the box." Continue reading at The New York Times
[ The New York Times | 2012-06-07 00:00:00 UTC ]
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The deal between Barnes & Noble and Microsoft gives both companies things they need—B&N receives a much-needed infusion of cash, while Microsoft gets another chance to participate in the consumer digital marketplace. In addition to the $300 million investment Microsoft has made to give... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-05-04 00:00:00 UTC ]
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Now that all of that Microsoft-related news is out in the open, Barnes & Noble's CEO William Lynch is ready to talk about the future. Fortune sat down with him to discuss the deal and what's next for the Nook. The answer to the latter is, at least in part, near-field communication. The exec... Continue reading at Engadget
[ Engadget | 2012-05-02 00:00:00 UTC ]
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The deal with the maker of the popular Nook ebook reader shows that Microsoft, like Apple, understands that ecosystems are the key to success. Continue reading at PC World
[ PC World | 2012-05-01 00:00:00 UTC ]
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Nobody partners, or negotiates deals, like Microsoft. That's evident from today's stunning agreement with Barnes & Noble, which is sure to turn the ebook market on its head. The two will jointly invest in Newco, temporary name for ebook venture that incorporates B&N's digital and College... Continue reading at Betanews
[ Betanews | 2012-04-30 00:00:00 UTC ]
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Coming up first: A Metro-style Nook e-reader app for Windows 8 that will be available to U.S. and international users. Continue reading at PC World
[ PC World | 2012-04-30 00:00:00 UTC ]
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