As Barnes & Noble continues its restructuring, the company said it will buy Microsoft out of its Nook business.
As part of Barnes & Noble’s fiscal second quarter, the book retailer said it will end its partnership with Microsoft, while also purchasing Microsoft’s 17 percent stake in the Nook business.
Barnes & Noble said that the termination of the agreement will allow the company to “continue its rationalization of the NOOK Digital business” while also enhancing the company’s operational and strategic flexibility.
The termination also relieves Microsoft of any obligation to continue to fund support and other payments set forth in the commercial agreement between the two companies.
Barnes & Noble reported second quarter consolidated revenues fell by 2.7 percent, to $1.7 billion, as compared to the prior year. Second-quarter EBITDA decreased from $76 million a year ago to $68 million.
In August, Barnes & Noble launched the first of its Nook tablets, which were outsourced to Samsung. The new tablets are essentially Samsung Galaxy Tab 4 units with a Barnes & Noble UI overlay.
Shares of Barnes & Noble were down over 12 percent to $19.43 in early trading Thursday.