PENGUIN books publisher Pearson yesterday bought a 5 per cent stake in the company behind the Nook e-book reader for $89.5 million (£55.5m).
New York-listed retailer Barnes & Noble has placed its Nook reader, online bookshop and 674 college bookshops into a new company called Nook Media, with software giant Microsoft taking a 16.8 per cent stake.
The deal gives FTSE 100 stock Pearson new ways to distribute its academic textbooks and other online learning resources.
Pearson, which also owns the Financial Times, will have the option of purchasing a further 5 per cent holding in Nook Media at a later date.
Will Ethridge, chief executive of Pearson North America, said: “Pearson and Barnes & Noble have been valued partners for decades.”
