NOOK Media Announces Strategic Investment by Pearson

On December 28, 2012, NOOK Media, LLC, a subsidiary of Barnes & Noble, Inc., announced that Pearson agreed to make a strategic investment in NOOK Media in exchange for preferred membership interests representing a 5% equity stake. Pearson agreed to invest $89.5 million in cash in NOOK Media, at a post-money valuation of approximately $1.789 billion. Cravath represented Barnes & Noble and NOOK Media in this transaction.

The Cravath team included partner Andrew R. Thompson and associate Mark Mushkin on M&A matters; partner Stephen L. Gordon and associates J. Leonard Teti II and Rachel H. Kiwi on tax matters; and partner Paul H. Zumbro, practice area attorney Sarah F. Rosen and associate Sarah Dunn Davis on banking matters. Elaine Choi also worked on M&A matters.