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Amazon surrenders to Macmillan price hikes

Written By Trading Forex News on Monday, February 1, 2010 | 8:10 AM

Amazon surrenders to Macmillan price hikes

Amazon.com has agreed to raise the prices of some of Macmillan Inc.'s electronic books, ending a dispute that led to the online bookseller halting its sales of the publisher's e-books and printed books.

Prior to the decision, all e-books on Amazon's Kindle e-reader were offered at a set price of $9.99.

But Amazon (AMZN, Fortune 500) said on its online Kindle Forum over the weekend that it will begin charging $12.99 to $14.99 for e-book versions of Macmillan's bestsellers and most hardcover releases.

"We have expressed our strong disagreement and the seriousness of our disagreement by temporarily ceasing the sale of all Macmillan titles," Amazon said. "We want you to know that ultimately, however, we will have to capitulate and accept Macmillan's terms because Macmillan has a monopoly over their own titles, and we will want to offer them to you even at prices we believe are needlessly high for e-books."

Amazon said it doesn't predict all major publishers will follow in Macmillan's footsteps.

The publisher's decision to raise prices will also create an opportunity for other publishers and independent presses to offer lower-priced alternatives, Amazon said.

By Blake Ellis cnn.com

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