From CNET: Barnes & Noble unveiled plans Wednesday to break apart into two companies, separating its retail unit from its struggling Nook Media business.
The bookstore operator said it plans to complete the separation by the end of the first quarter of 2015. The company has engaged Guggenheim Securities as financial advisers and Cravath, Swaine & Moore as legal counsel.
The announcement comes after the company last year abandoned plans to split up, having weighed the idea of separating its retail and Nook operations for 18 months.
"We have determined that these businesses will have the best chance of optimizing shareholder value if they are capitalized and operated separately," Chief Executive Michael P. Huseby said in a statement. "We fully expect that our Retail and Nook Media businesses will continue to have long-term, successful business relationships with each other after separation."
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