April 3 Liberty Media Corp said it
would reduce its stake in Barnes & Noble Inc but retain
a 10 percent share of its initial investment in the largest U.S.
Barnes & Noble shares fell 7 percent in premarket trading on
Liberty Media, owned by billionaire John Malone, will also
forego the right to elect two preferred directors to Barnes &
Noble's board as a result of the reduced stake, the companies
said in a statement.
Liberty Media first bought a stake in the bookseller in
August 2011, when it invested $204 million to buy preferred
stock that could be converted into a 16.6 percent stake in
Barnes & Noble. (r.reuters.com/med36t)
(Reporting by Siddharth Cavale in Bangalore)