Barnes & Noble holiday sales miss, sells 5% stake in Nook

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New York City -- Barnes & Noble reported Friday that its holiday sales will likely miss internal projections as its Nook e-reader performed worse than expected during the holiday selling period.

The book seller also disclosed on Friday an investment by London-based media and education company Pearson of $89.5 million in cash in the e-reader subsidiary, representing a 5% equity stake.

Pearson joins Microsoft Inc. as an investor in the Nook subsidiary.

The deal grants Pearson the ability to purchase another 5% of Nook Media and Nook will distribute Pearson content.