Following much speculation, Barnes and Noble formally announced today the Nook Tablet, the bookstore’s first foray into the tablet market after seeing the likes of Amazon make far too much headway in their native book-selling business.

The new Nook offering will retail for $249, $50 more than its direct competitor in the Kindle Fire, but for the extra cash, the 7-inch device will also come with 16GB of memory standard, compared to the Fire’s 8GB. Additionally, the Nook Tablet will be pre-loaded with a “Nook Newsstand,” bearing both Netflix and Hulu Plus.

“Judge for yourself, but we think content will look and render better on the Nook than on Kindle fire,” Barnes & Noble CEO William Lynch said during the announcement, sounding out the competition.

With the new addition to its Nook product line, B&N will also lower the price for the Nook Color to $199 and the Simple Touch down to $99.

[via Mashable]

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