Publishing company Pearson’s $89.5 million cash investment in Barnes & Noble’s NOOK Media has been completed. Barnes & Noble announced the investment last month. With the investment, Nook Media is now valued at about $1.789 billion, and Pearson maintains a 5 percent equity stake in the business.
Here is more from the press release: “Following the closing of the transaction, Barnes & Noble now owns approximately 78.2% of the NOOK Media subsidiary and Microsoft, which also holds preferred membership interests, owns approximately 16.8%. Subject to certain conditions, Pearson will earn the option to purchase up to an additional five percent ownership in NOOK Media.”
“We look forward to working with Pearson, a valued partner of ours for many years, in developing new ways to improve and enhance digital learning for students,” stated William Lynch, CEO of Barnes & Noble.