EU accepts Amazon's e-book commitments

The European Union's competition watchdog says it accepts commitments made by online giant Amazon to change part of its e-book contracts to avoid fines for anti-competitive behavior.

Amazon has promised not to enforce any contract clause that might oblige other publishers to offer it similar terms and conditions as those offered to competitors.

The EU Commission said Thursday that it has made the commitments legally binding. Amazon could be fined 10 percent of annual turnover if it reneges over the next five years.

EU Competition Commissioner Margrethe Vestager said the "decision will open the way for publishers and competitors to develop innovative services for e-books, increasing choice and competition to the benefit of European consumers."

The Commission says Europe's e-books market is worth more than 1 billion euros ($1.1 billion).

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