The $300 million investment in the Nook subsidiary of Barnes & Noble gives Microsoft about 17.6 percent ownership of this business unit. That values this part of the business at about $1.7 billion. Before the markets opened this morning, the Nook business was valued about $900 million more than Barnes & Noble itself.
Barnes & Noble looks like they learned how to adapt in a changing market, instead of fighting it. Contrast this approach with that of film studios, television networks, or Borders.