Barnes & Noble to Spin Off Nook Unit as Sales Continue to Fall (NYT / DealBook)
When it introduced the Nook e-reader in the fall of 2009, Barnes & Noble celebrated it as its answer to Amazon.com and its popular Kindle device. More than four years later, the struggling retailer plans to shed the business once considered its best hope of surviving the digital age. WSJ The split, expected to occur by March, will make Nook Media a separate public company housing both Barnes & Noble’s Nook eBook and e-reader business as well as its college stores. Among Nook Media’s big shareholders will be Microsoft and Pearson, both of which have invested in the Nook Media division but don’t have a stake in the broader company. Mashable The announcement came as part of the company’s fourth quarter and year-end earnings results. Barnes & Noble reported that Nook revenues for the quarter declined by 22 percent compared to a year earlier and Nook revenues for the 2014 fiscal year were down 35 percent. GigaOM Barnes & Noble shares were up around 9 percent Wednesday morning. Barnes & Noble has wanted to offload Nook Media for awhile but couldn’t find a buyer. It first floated the idea of splitting Nook off as a completely separate company in 2012.
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