Updated from 11:26 a.m. EST to provide analyst comments regarding in the seventeenth paragraph.
NEW YORK ( TheStreet) -- Barnes & Noble (BKS - Get Report) has pulled itself from the brink of destruction, and teamed up with Microsoft (MSFT - Get Report) to provide a formidable third entry in the tablet market.
The partnership sees Microsoft and Barnes & Noble teaming up to form a joint venture for the NOOK tablet, bringing together Barnes & Noble's digital and college businesses.
The tablet market has been dominated by Apple's (AAPL - Get Report) iPad, but the joint venture makes Barnes & Noble a formidable player in the space. This could also impact other tablet players who aren't used to going up against the marketing muscle of Microsoft and Barnes & Noble.Here are the winners and losers from today's announcement: