Carl Durrek Carl is a gaming fanatic, forever stuck on Reddit and all-around lover of food.

Barnes & Noble buys back $27.7 million in Nook stock from Pearson

49 sec read

Barnes & Noble has paid Pearson $27.7 million in cash and stock to buy back its stake in the company’s Nook e-reader business, giving the bookseller chain full control over the Nook once again. The deal comes almost 3 weeks after Microsoft sold back its stake in the Nook business for a $185 million loss. The success of those transactions means that Barnes & Noble can now go ahead with its plans of spinning the Nook out into a separate public company.

Barnes & Noble said on Tuesday that it had reached an agreement to buy back Pearson’s stake in the booksellers’s struggling e-book business, Nook Media, for nearly $28 million. The company said that it would pay $13.75 million in cash and 602,927 shares of Barnes & Noble’s common stock. The move follows an exit by Microsoft from Nook earlier this month. Barnes & Noble bought out the software giant’s stake for about $120 million. In December 2012, Pearson, the British education and publishing company and owner of The Financial Times, had followed Microsoft’s lead in investing in the Nook, taking a 5 percent for $89.5 million after Microsoft had acquired 16.8 percent stake for $300 million. Barnes & Noble said in a statement on Tuesday that the transaction would strengthen its balance sheet ” and further simplify the corporate structure by giving the company ownership (through its subsidiaries) of 100 percent of Nook Media.”

 

Source
Avatar of Carl Durrek
Carl Durrek Carl is a gaming fanatic, forever stuck on Reddit and all-around lover of food.

Chicago tried and failed to use big data to…

Have you ever seen the movie Minority Report? If you haven’t, all you need to know is that it’s about a special police unit that’s able...
Avatar of Sal McCloskey Sal McCloskey
1 min read

Google believes artificial intelligence will be bigger than virtual…

When Mark Zuckerberg thinks about the future, he sees a world that’s dominated by mobile devices and virtual reality, but when Google CEO Sundar Pichai...
Avatar of Lorie Wimble Lorie Wimble
56 sec read

China wants to build floating nuclear power plants for…

I’m sure you’ve heard about that man-made island chain that China has built in the South China Sea, the one that’s been causing a...
Avatar of Alfie Joshua Alfie Joshua
1 min read

Leave a Reply

Your email address will not be published. Required fields are marked *