Barnes & Noble has agreed to buy back Pearson’s piece of the Nook business.
According to the agreement, Barnes & Noble will pay $13,750,008.59 in cash and 602,927 shares of common stock. Pearson follows Microsoft out of the Nook business.
The New York Times has more:
Barnes & Noble said in a statement on Tuesday that the transaction would strengthen its balance sheet ” and further simplify the corporate structure by giving the company ownership (through its subsidiaries) of 100 percent of Nook Media.”
The company is planning to split into companies, one with Nook and its college bookstores and another consisting of the retail stores and website, by the end of August.