Microsoft and Barnes & Noble announced Thursday they have completed their deal to create a new subsidiary, NOOK MEDIA, which includes a $300M investment from Microsoft, to develop NOOK reading applications and hardware. The firms said the deal values NOOK Media at $1.7 billion, giving Microsoft a 17.6 percent equity stake in the venture. Analysts have speculated that Barnes & Noble would like to spin the unit out as a separate company, however, the company said it has not set a timetable for review of those options.