Barnes & Noble -10% as Liberty plans to cut stake, drop board seats

|About: Barnes & Noble Inc (BKS)|By:, SA News Editor

Barnes & Noble (BKS -10.2%) plunges at the open after Liberty Media (LMCA -0.1%) says it is selling the majority of its stake in the bookseller.

LMCA will retain a 10% stake to allow BKS "greater flexibility" to right itself and will give up its right to have two representatives on the BKS board.

In 2011, LMCA purchased a 17% stake in BKS, which has struggled to compete in a market increasingly dominated by mobile devices and downloadable data.