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FTC OKs Liberty's B&N Investment

9/21/2011 09:35:50 AM Eastern
New York - The Federal Trade Commission (FTC) today approved Liberty Media's $204 million investment in Barnes & Noble.

The FTC granted an early termination of the usual waiting period required by the Hart-Rodino Act enabling the deal to go through.

Liberty will use the $204 million to purchase newly issued convertible preferred stock, which can be converted into about 12 million shares of common stock for a total of 16.6 percent ownership stake.

The deal also allows Liberty to name two nominees to the bookseller's board of directors: Gregory Mafei, Liberty Media's president and CEO, and Mark Carleton, Liberty's senior VP.
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