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article imageUK publisher Pearson to invest in Nook media

By Paris Franz     Jan 1, 2013 in Business
London - Global media company Pearson, owner of the Financial Times, has announced an investment of $89.5 million in the Nook series of e-readers and tablets.
Pearson’s investment equates to a five percent stake in Nook Media, LLC, a new company consisting of Barnes & Noble’s digital businesses, including its Nook e-reader and tablets, the Nook digital bookstore and its 674 college bookstores across America. The Wall Street Journal reports the move provides Barnes & Noble with much-needed funds to continue investing in its e-reader business, which is yet to see a profit.
Will Ethridge, CEO of Pearson North America, said in a statement accompanying the announcement:
“Pearson and Barnes & Noble have been valued partners for decades, and in recent years both have invested heavily and imaginatively to provide engaging and effective digital reading and learning experiences. This new agreement extends out partnership and deepens our commitment to provide better, easier experiences for our customers.”
The BBC reports the transaction will leave Barnes & Noble with a 78.2 percent stake, and Microsoft with a 16.8 percent stake. Subject to certain conditions, Pearson will have the option to purchase up to an additional five percent ownership of Nook Media.
Pearson also owns the publisher Penguin and the Financial Times.
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