The Chronicle has the story here:
… The system, which announced the decision on Thursday, had sought one contract that would cover the cost of subscriptions to Elsevier’s trove of journals in addition to the processing fees that make all UC research published in Elsevier journals freely available to all. The system’s prior five-year contract with Elsevier had cost about $50 million.
An Elsevier spokesman did not immediately return an email seeking comment.
The California system is just the latest to back away from Elsevier. Tight library budgets have made universities reluctant to sign contracts for high-cost bulk subscription packages. Last year, for example, Florida State University said it would not subscribe to the publishing behemoth’s journals in one bulk deal. Instead, it chose to maintain about $1 million in subscriptions. …