Reuters: Regulatory News: Penguin promises EU regulator to scrap Apple e-book deals

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Penguin promises EU regulator to scrap Apple e-book deals Jul 25th 2013, 09:51 BRUSSELS, July 25 | Thu Jul 25, 2013 5:51am EDT BRUSSELS, July 25 (Reuters) - EU regulators accepted on Thursday a pledge by British media group Pearson's Penguin unit to scrap its e-book deals with Apple which set price curbs on Amazon and other retailers, closing an antitrust case against the company. Penguin offerd in April to end "most-favoured nation" contracts for five years. Such clauses bar rival retailers from selling e-books more cheaply than Apple. It also proposed to let retailers set prices or discounts for a period of two years. The concessions are similar to those offered by four other publishers last year. The European Commission said the publishers' offer would boost the e-book market. "After our decision of December 2012, the commitments are now legally binding on Apple and all five publishers including Penguin, restoring a competitive environment in the market for e-books," European Competition Commissioner Joaquin Almunia said in a statement.

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