BUSINESS BRIEFING / BOOKS

Times Wire Reports

Bookseller Barnes & Noble Inc. said it would buy Barnes & Noble College Booksellers from its chairman in a deal worth $596 million.

The deal will cost Barnes & Noble $460 million after accounting for College Booksellers' cash on hand at the expected closing date.

The purchase will boost full-year earnings, reunite Barnes & Noble's brand and eliminate annual royalty payments for online textbook sales.

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