NEW YORK — Liberty Media Corp. said Thursday it is cutting its stake in Barnes & Noble Corp., sending the bookseller’s shares down sharply.
The investment company controlled by billionaire investor John Malone gave Barnes & Noble, the largest specialty bookstore chain, a life line in 2011 when it bought 12 million Barnes & Noble shares at $17 apiece. The shares represented a 17 percent stake in the company.
Liberty says it is selling the majority of its shares to institutional buyers. It will keep 10 percent of its original investment and lose its two board seats.
Shares fell $2.99 to $19.12 in trading Thursday. The stock had been up 48 percent this year.