From: http://www.latimes.com
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Microsoft will invest $605 million in a new digital subsidiary of Barnes & Noble, which could help the bookseller compete against Amazon.com and Apple in the e-reader market.
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Barnes & Noble Inc.'s prospects against rivals Amazon.com Inc. and Apple Inc. in the fast-growing digital reader business just got a big lift thanks to a $605-million investment from Microsoft Corp.
For the nation's No. 1 bookstore chain, the infusion will help its Nook business better compete against the top-selling Kindle e-reader and iPad tablet computer and relieves some of the pressure on Barnes & Noble to turn a profit on the Nook.
It's also a good deal for Microsoft, which is spending barely 1% of its $60-billion cash reserve to gain a bigger presence in the e-reader and tablet markets ahead of the widely anticipated launch of its Windows 8 operating software later this year. As part of the deal, Windows 8 will feature a Nook e-reader app, the companies said.
Wall Street took notice, with Barnes & Noble shares nearly doubling before settling back to $20.75, up 52%. Microsoft's stock was little changed, rising 3 cents to $32.01.
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