He may have bookselling in his blood, but Len Riggio, founder of the Barnes & Noble bookstore chain, now has a lot less of it in his stock portfolio.
“This week, we learned that Riggio had sold 3.7 million shares of B&N stock, dropping his stake in the company to about 20 percent,” reports Andrew Albanese, Publishers Weekly senior writer. “B&N officials say the sale of shares is part of Riggio’s long-term financial and estate planning. And Riggio put out a statement saying he loved the company very much.”
As Albanese explains for CCC’s Chris Kenneally, however, the reported stock sale is sufficiently substantial to dampen rumors that that Riggio plans to take B&N private.
“The sale definitely decreases chances that Riggio will mount an effort to take B&N’s stores private, a move that has been speculated about and gained some momentum earlier this month when Liberty Media sold most of its holdings in the company.”
Every Friday, CCC’s “Beyond the Book” speaks with the editors and reporters of “Publishers Weekly” for an early look at the news that publishers, editors, authors, agents and librarians will be talking about when they return to work on Monday.