While the business models used in most segments of the media industry have been profoundly changed by the Internet, surprisingly little has changed in the publishing of scholarly peer reviewed journals. Electronic delivery has become the norm, but the same publishers as before are still dominating the market, selling content to subscribers. This article asks the question why Open Access (OA) to the output of mainly publicly funded research hasn’t yet become the mainstream business model. OA implies a reversal of the revenue logic from readers paying for content to authors paying for dissemination in form of universal free access. The current situation is analyzed using Porter’s five forces model. The analysis demonstrates a lack of competitive pressure in this industry, leading to so high profit levels of the leading publishers that they have not yet felt a strong need to change the way they operate. OA funded by article publishing charges (APCs) might nevertheless start rapidly becoming more common. The driving forces of change currently consist of the public research funders and administrations in Europe, which are pushing for OA by starting dedicated funds for paying the APCs of authors from the respective countries. This has in turn lead to a situation in which publishers have introduced “big deals” involving the bundling of (a) subscription to all their journals, (b) APCs for their hybrid journals and (c) in the future also APCs to their full OA journals. This appears to be a relatively risk free strategy for the leading publishers to retain both their dominance of the market and high profit levels.