Dive Brief:

• Liberty Media Corp., the holding company of billionaire investor John Malone, announced Thursday it would sell most of its shares in Barnes & Noble and relinquish a seat on the board.

• Three years ago, Liberty Media Corp. bid $1 billion to buy Barnes & Noble, then dropped that and acquired a 17% stake. Some observers believed the company would eventually increase its investment, and the divestment came as a surprise to many.

• Barnes & Noble has been closing stores and cutting its Nook staff as it tries to recover from falling sales and revenue.

Dive Insight:

This move by one of its major investors is not exactly a great sign, but Barnes & Noble’s stock fell only slightly after the news. The book selling chain has struggled, mostly due to its failure to lift its Nook business off the ground. It’s not over yet; stay tuned.