Barnes & Noble has been aiming to create a subsidiary out of their Nook business since last April and now the ink is dry on a new partnership between Nook Media, a subsidiary of B&N, and Microsoft. Microsoft invested $300 million along with $305 million in payments to own 17% of the new company which has a $1.7 billion post money valuation. Nook Media consists of the Nook Digital brand of software, content, and devices as well as B&N’s college business. Read the full story at TechCrunch.