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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If showrooming wasnt part of the industry lexicon before last week, it is now, thanks to Amazons price check app that gives customers up to $15 in discounts to those who scan prices of products at different stores. Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-12-09 00:00:00 UTC ]
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According to a survey, 24 percent of people who said they had bought books from an online retailer in the last month also said they had seen the book in a brick-and-mortar bookstore first. Continue reading at The New York Times
[ The New York Times | 2011-12-05 00:00:00 UTC ]
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HarperCollins has paid a high six figure sum for world rights in a memoir about saving horses in... Continue reading at The Bookseller
[ The Bookseller | 2011-11-28 00:00:00 UTC ]
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Stephenie Meyer's Eclipse, the third book in her bestselling Twilight series, has become the... Continue reading at The Bookseller
[ The Bookseller | 2011-11-23 00:00:00 UTC ]
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The British newspaper publisher says the pioneering Web site is "is a high-quality asset but our focus in the US is on building the Guardian." Continue reading at AllThingsD
[ AllThingsD | 2011-11-22 00:00:00 UTC ]
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Financial Times reaches yet another milestone, now boasting one million registrants for its native web app. Apps.FT.com launched in June, after FT decided to go without Apple for its subscription-based app offering. Continue reading at Folio Magazine
[ Folio Magazine | 2011-11-18 00:00:00 UTC ]
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At a time when many magazines are lowering prices or giving content away, New York Magazine is choosing another route. Continue reading at Folio Magazine
[ Folio Magazine | 2011-11-10 00:00:00 UTC ]
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This story first appears on FOLIO: sister site, minonline. Meredith Corp. chairman/CEO (since July 2004) Steve Lacy announced that the board of directors approved a $1.02-to-$1.53 per-share increase in the quarterly dividend paid to investors and authorized the repurchase of $100 million of... Continue reading at Folio Magazine
[ Folio Magazine | 2011-10-27 00:00:00 UTC ]
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Written By: Philip Stone Publication Date: Tue, 25/10/2011 - 15:51 Terry Pratchett's Snuff (Doubleday) was narrowly the bestselling book in the UK last week, outselling Martina Cole's 18th novel, The Faithless (Headline), by just 768 copies. Snuff, which last week became the fastest-selling... Continue reading at The Bookseller
[ The Bookseller | 2011-10-25 00:00:00 UTC ]
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American Media, Inc. [AMI] is executing an aggressive digital strategy with the help of RR DonnelleyAMI awarded the company a contract to assist with its digital convergence that extends until the year 2020 that is worth an estimated $550 million. Continue reading at Folio Magazine
[ Folio Magazine | 2011-10-20 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Wed, 19/10/2011 - 15:02 Random House is now reprinting 125,000 copies of Jonathan Cape's Booker-winning The Sense of An Ending, signing off a further 50,000 copies in addition to the initial 75,000 copy reprint. Vintage sales director Tom... Continue reading at The Bookseller
[ The Bookseller | 2011-10-19 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Wed, 19/10/2011 - 09:34 The thrice-denied Julian Barnes has been lauded in the press for finally winning the Man Booker prize with his The Sense of an Ending. The Guardian warmly welcomed the decision. Claire Armistead said: "To those who believe the... Continue reading at The Bookseller
[ The Bookseller | 2011-10-19 00:00:00 UTC ]
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Written By: Bookseller Staff Publication Date: Tue, 18/10/2011 - 20:00 Julian Barnes has won the Man Booker Prize for his novel The Sense of an Ending (Cape). The author beat a shortlist comprising Carol Birch's Jamrach's Menagerie (Canongate); Esi Edugyan's Half Blood Blues (Serpent's Tail);... Continue reading at The Bookseller
[ The Bookseller | 2011-10-18 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Mon, 17/10/2011 - 14:30 Julian Barnes is the bookies' favourite to win the Man Booker prize tomorrow night (18th October), as Amazon has revealed his novel The Sense of an Ending is also leading Kindle downloads among the shortlisted authors.... Continue reading at The Bookseller
[ The Bookseller | 2011-10-17 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Mon, 17/10/2011 - 08:20 At least 22 independent bookshops are currently for sale in the UK, with the recession, the climate of the bookselling market and the refusal of banks to lend money all being cited as causes for fewer properties exchanging... Continue reading at The Bookseller
[ The Bookseller | 2011-10-17 00:00:00 UTC ]
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Written By: Philip Jones Publication Date: Mon, 10/10/2011 - 14:15 Agents need to be less conservative" if they are to protect their authors from accusations that their ebooks are over-priced, according to panellists at Publishers Launch Frankfurt this morning (Monday 10th October). read more Continue reading at The Bookseller
[ The Bookseller | 2011-10-10 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Fri, 07/10/2011 - 08:35 Independent booksellers say the government should step in to fix the price of books after the Booksellers Association called on the coalition to do more to maintain bookshops on the high street. BA c.e.o. Tim Godfray appealed... Continue reading at The Bookseller
[ The Bookseller | 2011-10-07 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Thu, 29/09/2011 - 09:35 The price of Amazon's new tablet device has been singled out as its most eye-catching feature although analysts feel it may not be a direct competitor to the iPad. Amazon c.e.o. Jeff Bezos unveiled the device yesterday (29th... Continue reading at The Bookseller
[ The Bookseller | 2011-09-29 00:00:00 UTC ]
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Written By: Philip Jones Publication Date: Wed, 28/09/2011 - 15:40 Amazon has unveiled a Kindle Touch reader, alongside a brand new tablet device called Kindle Fire. It has also launched an £89 Kindle device in the UK. read more Continue reading at The Bookseller
[ The Bookseller | 2011-09-28 00:00:00 UTC ]
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Written By: Benedicte Page Publication Date: Mon, 26/09/2011 - 15:00 Author Julian Barnes, shortlisted for this year's Man Booker prize for his novel The Sense of an Ending, has said it is "national self-mutilation" to damage the public library service. Barnes said: "Like most writers of my... Continue reading at The Bookseller
[ The Bookseller | 2011-09-26 00:00:00 UTC ]
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