Barnes & Noble, the largest U.S. bookseller, announced November 6 that it plans to buy the Ingram Book Group for $600 million in cash and stock.
In a statement, Ingram said it "will become a major component of the Barnes & Noble distribution network, greatly expanding the company's reach through 11 strategically located centers: It is estimated that over 80% of the company's online and retail store customers will be within overnight deliveries of these locations. The Ingram Book Group will continue to supply books to current customers including independent bookstores, specialty retailers, and libraries, in the U.S. and abroad."
News of the sale prompted an immediate protest from the American Booksellers Association, which said the acquisition "threatens the viability of competition in the book industry, and limits the diversity and availability of books to consumers.'' The ABA asked the Department of Justice and the Federal Trade Commission to investigate the deal. A Department of Justice spokeswoman told Reuters the sale would be reviewed by antitrust regulators.
Posted November 16, 1998.