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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