Any lingering expectation that Barnes & Noble chairman Len Riggio might still take the company’s bookstores private was further dampened Thursday morning by the disclosure that Riggio sold 3.7 million shares of the company’s stock. The SEC filing indicates he received the below-market price of $17.30 per share “in a privately negotiated block trade” yesterday. That reduces his holdings in the company to roughly 20 percent, or approximately 12 million shares. Riggio says in the announcement, “After this sale I remain the company’s largest shareholder, a position I feel very good about. I love this company and I believe in its […]
Bookstores
Corporate: A Wiley Acquisition; and Job Cuts At RH Children’s UK and Weltbild
Wiley announced another sizable acquisition, agreeing to pay $175 million in cash to purchase French-based learning solutions provider CrossKnowledge, which focuses on leadership and managerial skills development. The deal is expected to close on May 1. Wiley has been investing heavily in their professional development division, and acquired a related firm, Profiles International, less than two weeks ago. CEO Steve Smith says the two purchases, along with Inscape (which they bought in 2012 for $85 million), “positions us as a leader in the rapidly-growing area of enterprise talent management. In today’s knowledge-based economy, organizations of all different shapes and sizes […]
People, Etc.
Deborah Aaronson has joined Phaidon as vp, group publisher, reporting to recently-hired ceo Keith Fox. Aaronson, most recently vp, publisher for the adult trade group at Abrams, where she spent the past 14 years, will work out of the company’s New York office. “I am thrilled that Deb has joined Phaidon,” said Fox in the announcement. “Her extensive publishing experience, intelligence and creativity will continue to drive Phaidon’s growth as the preeminent visual arts publisher in the world.” Aaronson added: “I look forward to building the company’s future publishing strategy while breaking into new categories and aggressively expanding existing ones, […]
Simply, Liberty Media Took the Money
Liberty Media filed their required disclosure with the SEC subsequent to their previously announced sale of 91 percent of their preferred shares in Barnes & Noble to “qualified institutional investors.” Their motives are pretty clear from the filing: Liberty received $250.7 million for the shares, after investing $204 million in the bookseller in August 2011. They also received 9 or 10 quarters of dividends while holding the preferred shares, good for 7.75% annually — giving them a return of over $80 million, or roughly 40 percent. The timing of the sale took advantage of a brief run-up in Barnes & […]
NYC Stores: Rizzoli Closes This Week, Village Shakespeare & Co. Said to Face Lease End
Rizzoli Bookstore on New York’s 57th Street will close at the end of the day on April 11. The store reports that they “have been scouting out new locations in Manhattan, and are delighted to report that we have seen several very promising spaces.” They add that they “are looking forward to remaining a vital part of the city’s cultural fabric for many years to come.” In the meantime, after their historic building’s exterior was denied landmark status, a new application has been made to landmark the building’s interior, which “is currently under review by the Landmarks Preservation Commission’s Research […]
Liberty Media Backs Away from Barnes & Noble
One-time Barnes & Noble financial savior (and potential acquirer) Liberty Media is moving on, announcing Thursday morning that it is selling the bulk of its preferred shares in the bookseller. Liberty says it “has sold the majority of its shares to qualified institutional buyers” with the sales expected to settle on April 8, while retaining “approximately 10 percent of its initial investment.” The announcement implies that Liberty’s reduced stake may allow for new strategic investors or even another run at taking the company private or splitting it into separate parts. Chairman Len Riggio is attributed in the press release with […]