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GameStop Purchases 6 Million Shares of Its Stock From Barnes & Noble

6 Oct, 2004 By: Jessica Wolf

GameStop Corp. purchased a chunk of Barnes & Noble's stake in the video-game specialty retail franchise last week, buying more than 6 million shares of GameStop Class B common stock from the bookseller, worth $111.5 million.

Barnes & Noble intends to spin off its entire remaining stake in the game chain by distributing to shareholders its remaining 29.9 million shares.

“We have always valued our relationship and the support given to us by Barnes & Noble over the years, but we believe these transactions will provide for more investors to be attracted to GameStop's rapidly-growing business and the momentum and success we have achieved in a growing entertainment segment,” said chairman and CEO R. Richard Fontaine.

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