Barnes & Noble Buys Pearson’s Stake in Nook Ereader Unit

Barnes & Noble Inc. (BKS), the largest U.S. bookstore chain, bought back Pearson Plc's stake in its Nook Media e-reader division for about $28 million, giving it complete ownership of the business.

Pearson's stake was purchased for $13.8 million and about 603,000 shares of common stock, New York-based Barnes & Noble said in a regulatory filing today.

The agreement gives Barnes & Noble more flexibility to rid itself of the struggling unit, a move investors have urged for years and that the company agreed to pursue in June.