Barnes & Noble holiday sales miss, sells 5% stake in Nook
New York City -- Barnes & Noble reported Friday that its holiday sales will likely miss internal projections as its Nook e-reader performed worse than expected during the holiday selling period.
The book seller also disclosed on Friday an investment by London-based media and education company Pearson of $89.5 million in cash in the e-reader subsidiary, representing a 5% equity stake.
Pearson joins Microsoft Inc. as an investor in the Nook subsidiary.
The deal grants Pearson the ability to purchase another 5% of Nook Media and Nook will distribute Pearson content.