Macmillan CEO John Sargent has released a public letter addressed to “authors, illustrators and agents,” sharing the moment he decided to join the agency model in 2010–setting prices for eBooks across different retailers.
Check it out: “I am Macmillan’s CEO and I made the decision to move Macmillan to the agency model. After days of thought and worry, I made the decision on January 22nd, 2010 a little after 4:00 AM, on an exercise bike in my basement. It remains the loneliest decision I have ever made, and I see no reason to go back on it now. Other publishers have chosen to settle. That is their decision to make. We have decided to fight this in court.”
The moment will play a crucial role in court soon as the Department of Justice has sued Apple and publishers, alleging that they colluded together to set eBook prices. Sargent disputed these claims in his long letter. We’ve reprinted the entire letter below…
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