Liberty Media Corp. wants to purchase Barnes & Noble Inc. for $1.02 billion, Reuters reported.

Liberty Media, which in recent years has looked to acquire inexpensive media-related assets in the hope of turning big profits, is offering $17 per share for Barnes & Noble, a 20.5 percent premium above the company’s closing share price on Thursday.

In February 2009, Liberty Media acquired a 40 percent stake in Sirius XM Radio Inc. by lending the company $530 million. Today, Sirius is worth more than $3.5 billion, Reuters said.

Citing undervalued shares and declining book sales, Barnes & Noble put itself up for sale last August. In 2009, the company launched its Nook e-reader and continues to invest in the development of that product. In February, Barnes & Noble’s rival, Borders Books Ltd., filed for bankruptcy projection and plans to close stores.

“I would view $17 as a starting point – some investors would want it closer to $20,” said Pete Wahlstrom, an analyst with Morningstar.