Liberty Media Bids for Barnes & Noble

Barnes & Noble Inc. said that Liberty Media Corp. has offered to buy the bookseller in a deal valuing it at about $1 billion.

Barnes & Noble shares were up 20 percent in after-hours trading Thursday on the news, matching the $17-a-share offer price from John Malone’s media empire.

The bookseller has been reviewing strategic alternatives, including a sale, since last summer.

The offer for the country’s largest bookstore chain represents a bold foray for Liberty into a new segment of entertainment products and signifies the growing significance of digital and online business in the book industry.

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