“In a brief statement to the media Monday, Random House said that it has agreed to ‘the agency model for e‐book sales’ in the U.S. effective Tuesday,” Katie Marsal reports for AppleInsider. “That means that going forward, ‘Random House will set consumer prices for the e‐ books we publish, and […] will provide retailers with a commission for each sale,’ the publisher said.”

Marsal reports, “The concession could bring to an end a near year-long standoff between Random House and Apple’s iTunes-based iBookstore, which operates on the so called ‘agency model’ that allows the company serving the content to take a cut of sales. For its iBookstore, Apple employs the same 70-30 split that has seen renowned success on its App Store for software on the iPhone and iPod touch.”

Read more in the full article here.