The SCOAP3 open access initiative has been launched at a meeting at CERN, and it will become operational in 2014.
Here's an excerpt from the press release:
In the SCOAP3 model, libraries and funding agencies pool resources currently used to subscribe to journal content and use them to support the peer-review system directly instead. Journal publishers then make their articles Open Access, which means that anyone can read them. Authors retain the copyright, and generous licenses for re-use are used.
Publishers of 12 journals, accounting for the vast majority of articles in the field, have been identified for participation in SCOAP3 through an open and competitive process, and the SCOAP3 initiative looks forward to establishing more partnerships with key institutions in Europe, America and Asia as it moves through the technical steps of organizing the re-direction of funds from the current subscription model to a common internationally coordinated fund.