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Posts Tagged ‘Leonard Riggio’

Barnes & Noble Has Appointed Michael P. Huseby as CEO

bnceoBarnes & Noble has appointed Michael P. Huseby as its new CEO effective immediately. The book retailer has not had a CEO since William Lynch has resigned in July.

Huseby has been serving as CEO of NOOK Media ever since Lynch left. In his new role, Huseby will be in charge of all of the  company’s business units including Barnes & Noble Retail, Barnes & Noble College and NOOK Media. Huseby will report to the Board of Directors and will also serve on the Board. He joined the company as CFO in March 2012. He came to the bookseller from Cablevision Systems Corporation where he had served as EVP & CFO.

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Barnes & Noble Founder Hopes to Buy Retail Business

Barnes & Noble founder Leonard Riggio hopes to “purchase all of the assets of the retail business of Barnes & Noble” as the bookseller struggles in a difficult bookselling environment.

The company offered a brief statement, but will not provide more commentary until a committee has evaluated the proposition or a deal is struck. Here’s more from the official company release:

The process of evaluating a proposal and negotiation of any transaction will be overseen by a Strategic Committee of three independent directors: David G. Golden, David A. Wilson and Patricia L. Higgins, who is Chair of the Strategic Committee. The Strategic Committee has selected Evercore Partners to serve as its financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP to serve as its legal advisor. There can be no assurance that the review of Mr. Riggio’s proposal or the consideration of any transaction will result in a sale of the retail business or in any other transaction. There is no timetable for the Strategic Committee’s review.

Why Did Liberty Media Bid for Barnes & Noble?

As we previously noted, Liberty Media Corporation, a company chaired by entrepreneur John C. Malone, has submitted a proposal to bid for Barnes & Noble. The offer of $17 per share appraises the company valuation at $1.02 billion. Last week a New York Times article speculated on why Liberty bid for Barnes & Noble.

Here’s more from the article: “So far, most of the reasons given for the interest in Barnes & Noble center on its e-reader, the Nook. Mr. Malone implied that the Nook was a primary reason for Liberty Media’s bid at the company’s shareholder meeting on Monday. Though exact figures are unavailable, Barnes & Noble captured as much as 27 percent of the e-book market with its Nook, according to a Goldman Sachs report.”

The article also offered the theory that Borders’ bankruptcy has also influenced Malone’s offer. Borders’ struggles helped eliminate competition on the brick and mortar side of the business. What do you foresee for the bookseller’s future? (via Publishers Weekly)

Barnes & Noble Still Seeking Buyer As Stock Dips

Barnes & Noble began seeking buyers in August, but has yet to seal the deal. According to Reuters, the company stock price hit a two-and-a-half year low at the beginning of this week.

Chairman Leonard Riggio has said in the past that he would consider assembling an investment team to buy the company. In the article, retail analyst Mike Souers speculated that this kind of private takeover might be the only buying option.

Earlier this year, the bookseller suspended its quarterly dividend payments and made  staff lay-offs. Last September, the company survived a courtroom board battle.

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Barnes & Noble Board of Directors Ponders Selling the Company

barnes-noble-logo1.jpgLate this afternoon, the Barnes & Noble board of directors announced they are considering selling the company–along with other “strategic alternatives” that might “increase stockholder value.” Founder Leonard Riggio has expressed interest in assembling a group of investors to buy the bookseller.

The board was disappointed in what they saw as the company’s “significantly undervalued” stock, and nominated a special committee for “evaluating strategic alternatives.”

Riggio had this statement: “I fully support the Board’s decision to evaluate strategic alternatives at this time. Regardless of whether I participate in an investment group that buys the company, I, as well as the entire senior management team, am willing and eager to remain with the company and see it through the challenging years ahead … Having spent a lifetime in bookselling and building this great company, I am as committed as ever to the future of Barnes & Noble.”

The NY Times noted a spike in the company’s stock after the announcement: “Shares of Barnes & Noble jumped as much as 27 percent in after-hours trading on Tuesday, rising $3.51, to $16.35.”

William Lynch Named CEO of Barnes & Noble, Inc.

barnes-noble-logo1.jpg39-year-old William Lynch has been named CEO of Barnes & Noble, Inc. (BKS). Former CEO Steve Riggio will serve as vice chairman with an “active” role in the company.

Previously, Lynch had helmed Barnes & Noble.com, overseeing the launch of the Nook eReader. In addition, COO Mitchell Klipper will now serve as CEO of the company’s retail group.

Barnes & Noble, Inc. chairman Leonard Riggio had this statement: “William came to us as a skillful leader in e-commerce who, in a short period of time, has done a superb job in quickly establishing Barnes & Noble as a major player in e-commerce and digital content … Given the dynamic nature of the book industry, William is uniquely qualified to lead the company’s transition to multi-channel distribution and drive the continuing expansion of our e-commerce platform, eBooks and other digital content and products.”

Barnes & Noble, Inc. to Acquire Barnes & Noble College Booksellers

barnes-noble-logo1.jpgIn an estimated $596 million transaction, Barnes & Noble, Inc. reached an agreement to acquire the privately-held company Barnes & Noble College Booksellers.

The college bookseller runs 624 college bookstores around the country, supplying books to four million students, according to the release. The company was founded in 1965, and owned by B&N Chairman Leonard Riggio.

Riggio explained the rationale behind the purchase in a statement, from the release: “Although both companies previously thrived as separate entities, owing to distinctions in their product offerings, the definition of textbooks and tradebooks has become increasingly blurred. This trend will accelerate with eBook offerings. Thus, combining both businesses on a single branded platform will enable the combined company to cross-promote print and digital offerings to all of our customers.”

B&N Shares Increase After Founder Reveals Stock Buy

Reuters reports that shares of Barnes & Noble rose more than 3 percent on Wednesday, after the chairman of the book retailer’s board revealed he had purchased 100,000 shares of the company. In a U.S. Securities and Exchange Commission filing on Wednesday, founder and former CEO Leonard Riggio said he purchased 100,000 shares of the world’s largest book retailer on August 10 at an average price of $32.64 per share — the same day the stock hit its lowest level since late 2004. The purchase increased the chairman’s holdings to nearly 13 million shares, according to the filing. Riggio and his brother Stephen, who is now the company’s chief executive, together own more than a quarter of the company’s stock.