Barnes & Noble Inc. (BKS) surged in New York after saying that Microsoft Corp. (MSFT) will invest $300 million in a new subsidiary that combines the bookseller’s Nook digital reader and college businesses.
The shares almost doubled to $27.20 at 8:24 a.m. Barnes & Noble had declined 5.5 percent this year before today.
The investment will give Microsoft about 18 percent of the unit, which has yet to be named, New York-based Barnes & Noble said today in a statement. The bookseller will own the remainder of the business, which has a valuation of $1.7 billion.
2:43 am on May 1, 2012 (gmt 0)
Books continue to be useable where there is no electricity without requiring the use of expensive devices. I'm glad someone finds them worth investing in still! Wait - are they planning on creating digital versions of books here? probably...
8:22 am on May 1, 2012 (gmt 0)
Nokia, B&N, does MSFT have the gas to pour on these investments to get them burning bright once again.