Luke Johnson, chairman of Channel 4, in case you wondered, has bought the Borders and Books etc chain in the UK through his delightfully named private equity outfit Risk Capital Partners. The Borders UK chain, which also sells CDs (in case you wondered why this counts as music news), was put up for sale earlier this year. The chain's US parent company will retain a 17% share in the UK operation.
Confirming the purchase, Johnson told reporters: "We are excited by the opportunity presented by Borders UK. and Ireland and pleased that Borders Group will have an equity position in the new company. We intend to build on the strength of the business and this well-respected brand as one of the UK's largest book retailers. Our strategy will focus on improving sales and optimizing the store base while improving margins and inventory management".