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Old 06-25-2014, 09:06 AM   #1
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B&N to split its retail and Nook media businesses into 2 separate public companies

http://www.marketwatch.com/story/bar...ses-2014-06-25

Quote:
Barnes & Noble Inc. shares BKS +7.30% surged almost 10% in premarket trade Wednesday after the company reported earnings and announced a separation of its retail and Nook businesses.

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The company said its board has agreed to separate its retail and Nook media businesses into separate public companies
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Not sure how well the Nook media business will do on its own as a separate publicly traded company.

Here's the result from the last 4 years

Year ending April 30 2010 NOOK EBITDA: ?
Year ending April 30 2011 NOOK EBITDA: (209 million USD)
Year ending April 30 2012 NOOK EBITDA: (261 million USD)
Year ending April 30 2013 NOOK EBITDA: (475 million USD)
Year ending May 3 2014 NOOK EBITDA: (218 million USD)

That's a negative EBITDA of $1.163 billion USD, not counting the year ending on April 30 2010.



And the NOOK Revenue indicators are on a downward slope.


Quote:
The NOOK segment (including digital content, devices and accessories) had revenues of $87 million for the quarter and $506 million for the full year, decreasing 22.3% for the quarter and 35.2% for the year.

Device and accessories sales were $25 million for the quarter and $260 million for the full year, declining 30.1% and 44.8%, respectively, due to lower selling volume and lower average selling prices.

Digital content sales were $62 million for the quarter and $246 million for the full year, declining 18.7% and 20.6%, respectively, due primarily to lower device unit sales.
Nook Total Revenue (year ending May 3 2014): $506 (down 35.2%)
Nook device and accessories sales (year ending May 3 2014): $260 million (down 44.8%)
Nook digital content sales (year ending May 3 2014): $246 million (down 20.6%)

Investors are okay with technology companies with "losses" as long as the revenue growth is there. But I don't know if they want to invest in a NOOK-only stock with these negative trajectory.

If Nook is split off successfully, what would be its market value?

The best case scenario is a wealthy buyer with relevant ecosystem buy Nook for the "customers base." Apple? Google? Microsoft? Rakuten?

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Old 06-25-2014, 09:56 AM   #2
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When you combine this announcement with the previous announcement that Nooks are going to be a Samsung Galaxy Tab from now on, I wonder what exactly this Nook Media company is going to do? Marketing maybe? The Nook App?
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Old 06-25-2014, 10:02 AM   #3
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http://dealbook.nytimes.com/2014/06/...off-nook-unit/

Quote:
Barnes & Noble said on Wednesday that it planned to spin off its Nook business, once viewed as the company’s best hope for surviving in an age of a dominant Amazon.com, as a separate public company.

The announcement moves Barnes & Noble forward on a plan it has considered for nearly two years.

Over the last two years, the retailer has brought in Microsoft and the publisher Pearson as minority investors in the Nook business, in part to help defray the costs of building and selling e-readers.

But the Nook — which Barnes & Noble once trumpeted as its best answer to Amazon.com and its wildly popular Kindle device — instead fell increasingly behind. Barnes & Noble has moved to downsize the unit, focusing more on media sales and teaming up with Samsung to build the devices.

The separation of the Nook Media business is expected to be completed by March 30 of next year.
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Old 06-25-2014, 10:07 AM   #4
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So its more of the same for one more year.
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Old 06-25-2014, 10:09 AM   #5
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Quote:
Originally Posted by misling View Post
When you combine this announcement with the previous announcement that Nooks are going to be a Samsung Galaxy Tab from now on, I wonder what exactly this Nook Media company is going to do? Marketing maybe? The Nook App?
They did indicate that there would still be an eInk nook as well, just no more house brand tablets.
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Old 06-25-2014, 10:10 AM   #6
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Originally Posted by misling View Post
When you combine this announcement with the previous announcement that Nooks are going to be a Samsung Galaxy Tab from now on, I wonder what exactly this Nook Media company is going to do? Marketing maybe? The Nook App?
It's going to be risky to depend on the Nook App for revenue.

How popular is the Nook App on iOS and Android compare to the Kindle App?

Why would a potential iOS/Android user (without any tie to Nook) use the Nook App instead of the Kindle App?

Kindle App offers cheaper prices and better selections. It's also a much better brand.

It's not a good idea for B&N to depend on the Nook App for revenue.


Installs for Nook App on Google Play
5,000,000 - 10,000,000

Installs for Kindle App on Google Play
50,000,000 - 100,000,000


The rise of smartphone / phablets / tablets as e-reading devices on iOS/Android will not be good news for the Nook App.

unless of course "the prices will be the same" everywhere. Per Steve Jobs. If the "prices are the same" everywhere, there is no reason to use the Kindle App over the Nook App or the default bookstore on iOS / Android.

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Old 06-25-2014, 10:29 AM   #7
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PDF File
http://www.barnesandnobleinc.com/doc...FYE_ebitda.pdf

year ending May 3 2014

Nook Revenue: $506 million
Gross Profit: $82 million
Selling and Administrative Expenses: $300 million

EBITDA: ($218 million)

In order to have a positive EBITDA, Nook need to have a bigger gross profit and a much smaller selling and administrative expenses. Can that be achieve?

Overall, I think the Nook has been a disaster for B&N. It could cost the company up to $2 billion in losses when it all said and done.

I think Nook boards of directors would say with hindsight that they made a mistake by creating the Nook. B&N would be much stronger today without the Nook.
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Old 06-25-2014, 11:02 AM   #8
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If they had spun it off and IPO'ed right after the MS deal they could've cleared a cool billion.
Reminds me of the Tramiel kids making a small fortune at ATARI... out of a big fortune.
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Old 06-25-2014, 11:11 AM   #9
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I think it might be too late for them no matter what they do at this point. I hope differently, for competition is always good, but I don't know what they can do to encourage more readers.
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Old 06-25-2014, 11:22 AM   #10
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The three majors competitors in the ebook selling business in 5 years time will be

-Amazon
-Apple
-Google

Nook will continue to lose market share to these companies. It will survived if it's bought out by a major tech company (Microsoft/Google/Rakuten) on the cheap. I don't think it will survive going at it alone.
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Old 06-25-2014, 09:54 PM   #11
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I think google should buy the nook. It will give it a big push in the ebook market.
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Old 06-25-2014, 10:39 PM   #12
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I wonder who else would be interested in purchasing Nook Media or at least a controlling share?
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Old 06-25-2014, 11:58 PM   #13
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Unless I'm misunderstanding things though, whoever buys Nook Media will also get a lot of college book stores. I'm not sure Google would want all of those stores, but they might be very tempting for another type of company.

Since Nook is contracting out to Samsung for tablets, what of the e-ink reader, though? Will they put out another one?
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Old 06-26-2014, 12:55 AM   #14
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Since Nook is contracting out to Samsung for tablets, what of the e-ink reader, though? Will they put out another one?
Samsung does the Galaxy Tab 4 Nook, so let Amazon do the Kindle Paperwhite Nook
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Old 06-26-2014, 02:07 AM   #15
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Here's this evening's Fox News report.

http://www.foxbusiness.com/industrie...tcmp=obnetwork
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