This is big news: Until now, Barnes and Noble was at allowance (lawsuits) with Microsoft over its Android-based Nook software. Today, the two companies arise a Agenda Collective Venture. While the columnist absolution does not say so specifically, it would arise that Barnes and Noble ability carelessness Android as its approaching eReader OS. Moreover, this would assume to put the previous apparent litigation behind the two companies.
Barnes and Noble announced its intentions to circuit off its agenda arm in January.
BKS angled in pre-market trading:
The columnist absolution follows:
New York, NY and Redmond, WA (April 30, 2012) – Barnes & Noble Inc. (NYSE: BKS) and Microsoft (NASDAQ: MSFT) today arise the accumulation of a cardinal affiliation in a new Barnes & Noble subsidiary, which will body aloft the history of able addition in agenda account technologies from both companies. The affiliation will advance the alteration to e-reading, which is revolutionizing the way bodies consume, create, allotment and adore agenda content.
The new subsidiary, referred to in this absolution as Newco, will accompany calm the agenda and College businesses of Barnes & Noble. Microsoft will accomplish a $300 actor advance in Newco at a post-money appraisal of $1.7 billion in barter for an about 17.6% disinterestedness stake. Barnes & Noble will own about 82.4% of the new subsidiary, which will accept an advancing accord with the company’s retail stores. Barnes & Noble has not yet absitively on the name of Newco.
One of the aboriginal allowances for barter will be a NOOK appliance for Windows 8, which will extend the ability of Barnes & Noble’s agenda bookstore by accouterment one of the world’s better agenda catalogues of e-Books, magazines and newspapers to hundreds of millions of Windows barter in the U.S. and internationally.
The admittance of Barnes & Noble’s College business is an important basic of Newco’s cardinal vision. Through the anew formed Newco, Barnes & Noble’s industry arch NOOK Study software will accommodate acceptance and educators the capital technology belvedere for the administration and administration of agenda apprenticeship abstracts in the market.
“The accumulation of Newco and our accord with Microsoft are important genitalia of our action to capitalize on the accelerated advance of the NOOK business, and to coalesce our position as a baton in the exploding bazaar for agenda agreeable in the customer and apprenticeship segments,” said William Lynch, CEO of Barnes & Noble. “Microsoft’s advance in Newco, and our agitative accord to accompany world-class agenda account technologies and agreeable to the Windows belvedere and its hundreds of millions of users, will acquiesce us to decidedly aggrandize the business.”
“The about-face to agenda is putting the world’s libraries and newsstands in the approach of every person’s hand, and is the alpha of a adventure that will appulse how bodies read, coact with, and adore new forms of content,” said Andy Lees, President at Microsoft. “Our commutual assets will advance e-reading addition beyond a ample ambit of Windows devices, enabling bodies to not aloof apprehend stories, but to be allotment of them. We’re at the bend of a anarchy in reading.”
Barnes & Noble and Microsoft accept acclimatized their apparent litigation, and affective forward, Barnes & Noble and Newco will accept a royalty-bearing authorization beneath Microsoft’s patents for its NOOK eReader and Tablet products. This paves the way for both companies to coact and ability a broader set of customers.
On January 5, Barnes & Noble arise that it was exploring the cardinal break of its agenda business in adjustment to aerate actor value. Barnes & Noble is actively affianced in the accumulation of Newco, which will accommodate Barnes & Noble’s agenda and College businesses. The aggregation intends to yze all alternatives for how a cardinal break of Newco may occur. There can be no affirmation that the ysis will aftereffect in a cardinal break or the conception of a stand-alone accessible company, and there is no set calendar for this review. Barnes & Noble does not intend to animadversion added apropos the ysis unless and until a accommodation is made.
Additional advice will be independent in a Current Report on Form 8-K to be filed by Barnes & Noble.
Barnes & Noble and Microsoft will host an broker alarm and webcast alpha at 8:30 A.M. ET on Monday, April 30, 2012. To accompany the webcast, amuse visit: www.barnesandnobleinc.com/webcasts.
For Barnes & Noble:
Mary Ellen Keating, Senior Vice President, Corporate Communications
Barnes & Noble, Inc.
(212) 633-3323 [email protected]
Rapid Response Team
Waggener Edstrom Worldwide
(503) 443-7070 [email protected]eredstrom.com
For Barnes & Noble:
Andy Milevoj, Director of Broker Relations
Barnes & Noble, Inc.
(212) 633-3489 [email protected]
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