- The education company Pearson announced Friday that it would invest $89.5 million to gain a 5% stake in Barnes & Noble's Nook business.
- After the investment, Barnes & Noble will retain a 78.2% of their Nook unit, with 16.85 owned by Microsoft.
- “Pearson and Barnes & Noble have been valued partners for decades, and in recent years both have invested heavily and imaginatively to provide engaging and effective digital reading and learning experiences," Will Ethridge, the chief executive for Pearson North America, said in a statement.
From the article:
"... Pearson’s investment follows a $300 million investment in the Nook by Microsoft in April.
The Nook has been trying to challenge Amazon‘s dominance of the e-book market. The latest investment gives it backing from one of the world’s largest education companies, as well as the publisher of The Financial Times newspaper. ..."