The University of California has released "UC Terminates Subscriptions with World's Largest Scientific Publisher in Push for Open Access to Publicly Funded Research."
Here's an excerpt:
As a leader in the global movement toward open access to publicly funded research, the University of California is taking a firm stand by deciding not to renew its subscriptions with Elsevier. Despite months of contract negotiations, Elsevier was unwilling to meet UC's key goal: securing universal open access to UC research while containing the rapidly escalating costs associated with for-profit journals.
In negotiating with Elsevier, UC aimed to accelerate the pace of scientific discovery by ensuring that research produced by UC's 10 campuses — which accounts for nearly 10 percent of all U.S. publishing output — would be immediately available to the world, without cost to the reader. Under Elsevier's proposed terms, the publisher would have charged UC authors large publishing fees on top of the university's multi-million dollar subscription, resulting in much greater cost to the university and much higher profits for Elsevier. . . .
Elsevier was unwilling to meet UC's reasonable contract terms, which would integrate subscription charges and open access publishing fees, making open access the default for any article by a UC scholar and stabilizing journal costs for the university.