Barnes & Noble Investment by Liberty Media

On August 18, 2011, Barnes & Noble, Inc. (“B&N”) announced that Liberty Media has invested an aggregate of $204 million in B&N through the purchase of newly issued convertible preferred stock. Cravath represented B&N in this transaction. Under the terms of the investment, Liberty purchased preferred stock that is convertible into approximately 16.6% of the B&N’s common stock at a price of $17 per share.

The Cravath team included partner Andrew R. Thompson and associates Nicholas M. Foley and Meaghan S. Nelson on corporate matters; and partner Stephen L. Gordon and associates Dana Frenkel and Peter R. Ternes on tax matters.