NOOK Media, a subsidiary of Barnes & Noble Inc., announced that the $89.5 million cash investment from Pearson, a learning company, is completed. As a result of the transaction, Pearson now owns 78.2% of the NOOK Media subsidiary.
According to the terms of the agreement, the investment will allow Pearson to combine its expertise in reading technology with NOOK Media, an online commerce and customer service center, to accelerate customer access and improve digital content.
"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," said William Lynch, Chief Executive Officer of Barnes & Noble Inc.
Barnes & Noble Inc. is a Fortune 500 company and a retailer of content, digital media and educational products. The company operates 689 Barnes & Noble bookstores in 50 states, and one of the Web's largest e-commerce sites, BN.com. Its NOOK Media LLC subsidiary is a leader in the emerging digital reading and digital education markets. The NOOK digital business offers award-winning NOOK products and an expansive collection of digital reading and entertainment content through the NOOK Store, while Barnes & Noble College Booksellers, LLC operates 674 bookstores serving over 4.6 million students and faculty members at colleges and universities across the United States.
NOOK Media and Walmart announced that the recently launched and critically acclaimed NOOK HD and NOOK HD+, and related accessories, are now available at all Walmart stores nationwide and online at Walmart.com.
Edited by Ashley Caputo