A dark day for the future of books

Wednesday was a dark day for the future of books.

The Department of Justice charged Apple and five large book publishers with conspiring to raise e-book prices. Three of the five publishers quickly capitulated rather

than face the risk and expense of a protracted legal battle.New Era Cap

Much of the case revolves around the decision of five of the largest six publishers to simultaneously adopt the agency pricing model immediately before Apple launched

the iPad and iBookstore in April 2010. At that time, Amazon commanded about 90% of the e-book market. Amazon priced many books at $9.99 -- which was below the cost at

which Amazon was paying the publisher -- in an effort to drive e-book adoption among consumers and capture market share.New

Era Hat

Publishers balked at Amazon's strategy out of concern that low prices could cannibalize their print sales, set unrealistic expectations in the minds of consumers, and

lead Amazon to demand e-book price concessions from publishers.Sale NFL Nike Jerseys