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Nook Media receives USD89.5m strategic investment by Pearson.

M2 BEST BOOKS-(C)2000-2012 M2 COMMUNICATIONS

NOOK Media LLC, a subsidiary of Barnes & Noble Inc (NYSE: BKS), a book seller and retailer of content, digital media and educational products, announced on Friday that Pearson (NYSE: PSO), a learning company, has agreed to make a strategic investment in NOOK Media LLC of USD89.5m.

Pearson has agreed to invest USD89.5m in cash in NOOK Media, at a post-money valuation of approximately USD1.789bn in exchange for preferred membership interests representing a 5% equity stake.

Upon closure of the transaction, Barnes & Noble will now own approximately 78.2% of the NOOK Media subsidiary and Microsoft, which also holds preferred membership interests, will own approximately 16.8%. Also, subject to certain conditions, Pearson will earn the option to purchase up to an additional 5% ownership in NOOK Media.

This strategic investment by Pearson in the company is expected to accelerate customer access to digital content by pairing its expertise in online learning with NOOK Media's expertise in online distribution and customer service. It is also expected to facilitate improved discovery of available digital content and services, as well as seamless access.

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Publication:M2 Best Books
Date:Dec 31, 2012
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