Talks resurrected with HMV Media over sale of Waterstone's bookshops
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.HMV Media is in discussions again about the possible sale of Waterstone's, its bookselling chain.
It is thought that the potential bidders include Bertelsmann, which owns the BOL online book business, and Borders, owners of the Books etc chain. Both parties held talks with HMV about buying Waterstone's last year. It is not clear what value the talks are attaching to the business.
No discussions are taking place with Tim Waterstone, the chain's founder, who failed with a takeover attempt in March after having a £180m offer rejected.
However, he is still thought to harbour hopes of regaining control of the business he founded in 1982.
Talks recently collapsed between HMV and Ottakar's, the rival book chain, over a possible £190m Waterstone's deal. However, the talks foundered over the complex nature of the transaction that would have involved Ottakar's going private, buying Waterstone's, with HMV retaining a stake.
HMV Media declined to comment on the fresh round of discussions. However, it seems HMV is still keen to sell the business in order to reduce its debts, which are in excess of £500m. HMV achieved some breathing space in April when it renegotiated its financing agreements with its banks, led by UBS Warburg and Merrill Lynch.
This means that HMV, led by Alan Giles, the former director of WH Smith, does not need to accept a firesale price for Waterstone's.
HMV Media was formed in 1998 through the purchase of Waterstone's from WH Smith and the HMV music stores from EMI. EMI remains a major shareholder, together with Advent International, the venture capital group.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments