Microsoft incurs 238 mln dollar loss on Nook sale

Washington, Dec 05 - Microsoft has reportedly incurred losses to the tune of 238 million dollars after selling its stake in Nook e-book reader business back to Barnes and Noble.

The tech giant had purchased a 17.6 percent stake in the digital e-book reader in a 300 million dollar-deal in April 2012 but sold it back to Barnes and Noble for just 62 million dollars in cash. Microsoft is holding onto 2.7 million shares of Barnes and Noble stock, worth about 62.5 million dollars, reported the CNN.

Barnes and Noble said that the deal would allow "operational and strategic flexibility" for the Nook business.

The company declared in June that it would spin off its Nook business after it failed to find a buyer for the struggling e-reader. It also announced mass lay-offs in the division and offloaded production of its tablets to Samsung. (ANI)




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