While many eBook publishers pay royalties of around 40% of net, Macmillan has decided to make a grab for a bigger slice of the pie and is slashing author royalties from 25% to 20% of net.
Original report: Publishing Perspectives
Richard Curtis has published the letter that accompanied the new contracts on his blog
and notes that while eBook royalties are going completely the wrong way, Macmillan is increasing the royalties on direct-to-consumer sales by 2-3 times and speculates that they might be gearing up for a fight with Amazon and B&N (does anyone else sell books nowadays?...)
The letter from John Sargeant of Macmillan is an illuminating read, including such gems as, 'as ... the distinctions between sales and licences blur.' I think we all know what that means, and it's not good.