Barnes & Noble will develop a tablet alongside Samsung Electronics as it attempts to revive its money-losing Nook digital business, according to Reuters.

The tablets will combine Nook's software with Samsung's hardware, along the book-selling company to focus on providing digital reading technology and content without spending on developing hardware.

The company said in 2013 that it would no longer produce Nook tablets until it found a partner after losing hundreds of millions of dollars trying to keep up with companies like Google, Amazon, and Apple.

"The deal signals that Barnes & Noble is repositioning Nook as a content-centric, rather than device-centric, business," Maxim Group analysts wrote in a note, according to Reuters.

Nook was launched as an e-reader to take on Amazon's Kindle device, but has failed to take off since being introduced.

A 7-inch version of the Samsung Galaxy Tab 4 Nook tablet is set to go on sale in the U.S. sometime this August. The devices will be sold at Barnes & Noble's nearly 700 stores and on its bn.com website.

"(This deal) is as good as it gets for Barnes & Noble," Janney Capital Markets analyst David Strasser said in a note, according to Reuters.

The agreement grants access to Barnes & Noble's digital collection of over 3 million books, newspapers, and magazines, the companies said in a joint statement.

Barnes & Noble shares increased 4 percent to $19.67 on the New York Stock Exchange today (June 5.)

"A partnership with Samsung raises the question, is Samsung interested in making further investments in Barnes & Noble as they look to expand their retail footprint in an effort to compete with Apple," Maxim Group analysts said, according to Reuters.

Barnes & Noble will purchase 1 million tablets in the first year after launch. If devices don't meet sales targets the period will be extended to 15 months.

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