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Looks like B&N is "Netflixing" or "Indigoing" by attempting to separate digital from physical. For one company it may work the other it didn't and they combined again.
B&N going international will be costly. Forming separate companies in these regions will be easier and cheaper if only selling (licensing) digital products like Kobo. I doubt B&N wants to sell physical books in various countries which they would then need warehouses and higher administrative and personnel costs.
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