Penguin Australia is obviously having trouble with its backlist, as it announces a plan to cut royalty rates for backlist authors from 10% down to between 6 and 8. The reasons given are that this will allow some titles to be reprinted which, at the higher royalty rate, would not be viable, and that this is current business practice in New York or London.
[Thanks to the mediabistro: GalleyCat for the link.]
