SCOAP3 Open Access Initiative launched

In case you missed it, on Monday SCOAP3 was officially launched at CERN. From the Press Release:

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. SCOAP3 expects to be operational for articles published as of 2014.