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Barnes & Noble Falls After Liberty Media Cuts Stake

Barnes & Noble Inc. shares fell 10% on Thursday after John Malone's Liberty Media said it's selling the majority of its about 17% stake in the bookstore operator. Liberty Media said it will keep about 10% of its initial investment from 2011. As a result of its reduced stake, Liberty Media will no longer have the right to elect two preferred stock directors to Barnes & Noble's board and certain rights. "By reducing our preferred position and eliminating some of our related rights, Barnes & Noble will gain greater flexibility to accomplish their strategic objectives," said Liberty Media President and Chief Executive Officer Greg Maffei, who will step down from Barnes & Noble's board. Barnes & Noble didn't immediately respond to a request seeking comment.Copyright © 2014 MarketWatch, Inc....

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