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Barnes & Noble and founder to discuss deal

Feb. 25, 2013 at 8:03 AM

NEW YORK, Feb. 25 (UPI) -- The founder of Barnes & Noble, Leonard Riggio, intends to negotiate with its directors to buy the retail end of the company, a regulatory filing said.

Riggio owns 30 percent of the company and expects to negotiate a deal that is primarily a cash transaction, The New York Times reported Monday.

The deal is not expected to include Nook Media, which is the company's digital book business.

With the publishing business in rapid transition due to the Internet and electronic options for reading material and other content, Barnes & Noble is expected to post losses from the fourth quarter.

The Times said Nook Media is also expected to post losses for the quarter.

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