Microsoft to Take Stake in Barnes & Noble’s Nook Unit | Microsoft announced on Monday that it would invest $300 million in Barnes & Noble’s Nook division for a 17.6 percent stake. The deal values the e-reader business at $1.7 billion.
The move by Microsoft will help bolster the standing of Barnes & Noble’s fastest-growing unit. The bookstore giant had said earlier this year that it was exploring strategic options for the business, including a potential divestiture or strategic partnership.
The company has wagered heavily on the Nook, whose e-readers and tablets compete against Amazon’s best-selling Kindle devices in the hotly contested world of electronic books. Both companies are spending heavily to maintain a foothold in light of Apple’s success with the iPad. DEALBOOK »
Teetering, Dewey Ousts Former Chairman From Post | Dewey & LeBoeuf, the corporate law firm fighting for survival amid partner defections and heavy debt, ousted its former chairman from the firm’s management on Sunday and ended talks with a potential merger partner, according to an internal memorandum.
Steven H. Davis, the firm’s former chairman, was removed from his leadership posts amid a criminal investigation by the Manhattan district attorney focused on his conduct. On Friday, the firm’s management disclosed that state prosecutors had started an investigation into allegations of financial improprieties.
Mr. Davis did not return phone calls and e-mails seeking comment, but on Sunday he sent his partners an e-mail in which he defended his leadership of Dewey and said he was “saddened by the events of the past several days.” Both the internal memo and the e-mail were reviewed by The New York Times.