An $89.5 million deal with book publisher Pearson is complete.
Nook Media LLC, the digital content arm of bookseller Barnes & Noble Inc., is preparing to expand its digital textbook offerings after completion of an $89.5 million investment from textbook publisher Pearson PLC.
Barnes & Noble, No. 32 in the Internet Retailer Top 500 guide, announced the Pearson investment in December and the deal closed on Wednesday. Pearson now owns 5% of Nook Media, with Microsoft Corp. holding 16.8% and Barnes & Noble the remaining 78.2%. Pearson could increase its stake another 5%, if certain conditions are met, which Barnes & Noble has not disclosed.
Nook Media is a joint venture between Barnes & Noble and Microsoft announced in April 2012. Microsoft made a $300 million investment in Barnes & Noble’s digital reading and college business in exchange for a stake in the subsidiary company.