Photo: Justin Sullivan/Getty Images

Barnes & Noble got a lifeline on Friday with the news that it will be bought out and taken private. No longer will the long-struggling book chain be subject to the brutality of the quarterly analyst meeting.

Why it matters: But what is not known is whether long-form readers will fare as well after Elliott Management's $476 million buyout of B&N. One outlook is that Elliott, which already owns the U.K.'s Waterstones chain of bookstores, will use its management expertise to sort out what ails B&N.The other is a continued, slow shriveling up of the neighborhood U.S. bookstore that has been under way for two decades.

Experts contacted by Axios mostly embrace the first scenario — at least as a hope:

  • "Clearly Barnes & Noble has been on a slow boat to nowhere for quite a few years. Maybe as a private company it will be able to enact changes which would not be possible or practical as a public company — even if those changes lead to a slow and orderly liquidation," said Mark Cohen, a professor at Columbia.
  • "Part of the reason they are getting bought out is they were not making it. They faced tremendous competition from Amazon," said Chester Spatt, a professor at Carnegie Mellon. "It gives Barnes & Noble a chance to be successful."

I asked Axios' Dan Primack whether the deal is positive, negative or not-sure on the long-term survival of B&N. "Odds are better today than yesterday, but they remain long," he said.

  • "Waterstones bucked the odds by continuing to grow in the age of Amazon. Now the man credited with keeping Waterstones afloat, CEO James Daunt, will oversee both businesses. So Elliott’s bet is partially on letting Barnes & Noble operate privately, but more about letting it be led by James Daunt."

Go deeper

Updated 22 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 31,175,205 — Total deaths: 962,076— Total recoveries: 21,294,229Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 6,829,956 — Total deaths: 199,690 — Total recoveries: 2,590,695 — Total tests: 95,121,596Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

McConnell: Senate has "more than sufficient time" to process Supreme Court nomination

Senate Majority Leader Mitch McConnell (R-Ky.) said in a floor speech Monday that the chamber has "more than sufficient time" to confirm a replacement for Supreme Court Justice Ruth Bader Ginsburg before the election, and accused Democrats of preparing "an even more appalling sequel" to the fight over Brett Kavanaugh's confirmation.

Why it matters: Senate Minority Leader Chuck Schumer (D-N.Y.) has said "nothing is off the table next year" if Republicans push ahead with the confirmation vote before November, vowing alongside Rep. Alexandria Ocasio-Cortez (D-N.Y.) to use "every procedural tool available to us to ensure that we buy ourselves the time necessary."

House Democrats file legislation to fund government through Dec. 11

House Speaker Nancy Pelosi (D-Calif.). Photo: Chip Somodevilla/Getty Images

House Democrats on Monday released their proposal for short-term legislation to fund the government through December 11.

Why it matters: This is Congress' chief legislative focus before the election. They must pass a continuing resolution (CR) before midnight on Oct. 1 to avoid a government shutdown — something both Hill leaders and the White House have claimed is off the table.