Barnes & Noble investor to cut stake, sending book retailer’s shares down

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AP

NEW YORK–Liberty Media Corp. said Thursday that it is cutting its stake in Barnes & Noble Corp., sending the bookseller’s shares down sharply.

The investment company controlled by billionaire investor John Malone gave Barnes & Noble, the largest specialty bookstore chain, a life line in 2011 when it bought 12 million Barnes & Noble shares at US$17 apiece.