Technology

Pearson to invest $89.5 million in online book store Nook Media

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MUMBAI: Pearson, the world‘s leading learning company, has agreed to make a strategic investment in Barnes & Noble subsidiary Nook Media, the leading retailer of content, digital media and educational products.

Pearson has agreed to invest $89.5 million in cash in Nook Media at a post-money valuation of approximately $1.789 billion in exchange for preferred membership interests representing 5 per cent equity stake.

Following the closing of the transaction, Barnes & Noble will now own approximately 78.2 per cent of the Nook Media subsidiary and Microsoft, which also holds preferred membership interests, will own approximately 16.8 per cent.

Subject to certain conditions, Pearson will earn the option to purchase up to an additional five per cent ownership in Nook Media.

Pearson‘s strategic investment in Nook Media will accelerate customer access to digital content by pairing its leading expertise in online learning with Nook Media‘s expertise in online distribution and customer service. This will facilitate improved discovery of available digital content and services, as well as seamless access.

"We formed Nook Media to be a leader in the exploding market for digital content. Pearson is a forward thinking company similarly focused on reading and learning, with powerful assets and a terrific management team. We welcome their partnership in Nook Media, and look forward to working with them and Microsoft to deliver great digital experiences for our shared customers," said Barnes & Noble CEO William Lynch.

Pearson North America CEO Will Ethridge said, "With this investment we have entered into a commercial agreement with Nook Media that will allow our two companies to work closely together in order to create a more seamless and effective experience for students. It is another example of our strategy of making our content and services broadly available to students and faculty through a wide range of distribution partners."

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