Last updated: May 24, 2011 - 8:23am
Liberty Media executives laid out their rationale for their surprise bid for Barnes & Noble, touting the potential of the bookseller's Nook e-reader and the vast network of retail stores it can use to promote it.
Liberty Media Chairman John Malone and chief executive Greg Maffei told investors that the potential for the Nook platform to become the e-book application of choice for consumers on all tablet devices built on Google Inc.'s Android operating system helped motivate the company's bid for the ailing bookstore chain.
Their first comments about the deal came as Ron Burkle's Yucaipa Cos.'s purchased 603,000 additional shares of Barnes & Noble stock, a sign that the investor, who launched an unsuccessful proxy battle for seats on the company's board last year, wants more of a say over a deal. The move, disclosed in a regulatory filing, boosts his ownership to 19.7%.
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