According to a press release today, Microsoft and Barnes and Noble are forming a strategic partnership to create “world-class digital reading experiences for consumers.” This joint effort, called Newco, will be a new subsidiary of Barnes and Noble and build upon the platform already at Barnes & Noble.
For Microsoft’s part, they will contribute $300 million dollars for a 17.6% equity stake in this new venture. Andy Lees, President at Microsoft believes, the two companies’ “complementary assets will accelerate e-reading innovation across a broad range of Windows devices, enabling people to not just read stories, but to be part of them. We’re at the cusp of a revolution in reading.”
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