As Laura Owens reports on Thursday, Microsoft and B&N have finalized their deal on their e-reader/ebook joint effort, which is now officially called Nook Media. And this has happened only a week after B&N introduced a couple of new tablets, both powered by Android.

Given Microsoft’s early work on e-reader technology as well as its multitude of early efforts on tablets, this deal is one that has always reeked of playing catch-up.  The deal, which gives Microsoft a 17.6 percent stake in the new venture, is centered around pushing Nook e-reader technology to Windows 8 devices, including a Windows 8 Nook app. That said, it’s not immediately clear what, if any, the other benefits are, particularly since B&N has made it clear that it is keeping its options open around strategic alternatives (which, presumably, Microsoft could still be a part of, in terms of an acquisition).

Given Amazon’s strength in e-readers and how it e-readers have served as a jumping-off point for its expansion into broader portable media platforms with its Kindle tablet lineup, the Microsoft-B&N partnership still feels like a half measure for Microsoft in the e-publishing market. However, as Nook Media expands into international markets over the next year, there is a potential upside, particularly if it can gain market share in markets yet to be fully penetrated by Amazon.