Liberty Media bought $204 million worth of Barnes & Noble, Inc. preferred stock, convertible into approximately 12 million shares or 16.6% (after giving effect to the issuance) of B&N common stock at a price of $17 per share, and with a dividend rate of 7.75% per annum to be paid quarterly. The investment also ended Liberty's efforts at acquiring B&N. Liberty will be entitled to elect two nominees to the board of directors and B&N agreed to expand its board to eleven members and accept Liberty’s two nominees: Gregory B. Maffei, President and Chief Executive Officer of Liberty and Mark D. Carleton, Senior Vice President of Liberty.
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