According to NPR, there is big news in the publishing world for bookseller Barnes & Noble. Eight months ago, Barnes & Noble revealed it was exploring possible avenues for a potential sale. Now, Barnes & Noble revealed in a press release on Friday that it had reached an agreement with Elliott Management and will be sold to the corporation for 683 million. This move will mean Elliott Management will own the largest bookseller in the United States, which unfortunately has been suffering as of late. Much like other physical bookstores, Barnes & Noble is facing stiff competition from online competitors: primarily Amazon, which today dominates the book world. Amazon regularly sells over 50% of books, leaving bookstores such as Barnes & Noble in the dust. For the past several years, Barnes & Noble has seen its revenue slid downward slowly but surely, presenting numerous challenges for Elliott with this newfound sale to the corporate giant.
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James Daunt will act as the CEO for Barnes & Noble. Recently, he helped British bookstore Waterstones turn its profits around and pull itself from a similar slump to the one Barnes & Noble has found itself in. Elliott’s financial backing, with 34 billion at least in store, should prove a boon for the struggling giant in booksellers. In any case, the deal will be finalized in September, and we’ll see if the deal pays off.
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Featured Image Via NPR