Publishers are intermediaries between original content producers, users and advertisers in the information value chain. Internet offers them an additional channel to accomplish these intermediary tasks, next to the traditional print channel. The emergence of this new communication channel threatens the profitable position of incumbent publishers, because internet reduces market entry barriers for new providers of free information. At the same time, internet offers publishers new opportunities to develop stronger relationships with users. Case studies of the online market for news, nice-to-know consumer magazines and need-to-know professional information in the Netherlands suggest that incumbent publishers use these opportunities more aggressively when they face stronger threats from new entrants. The main beneficiaries of the resulting intensified competition between publishers and new entrants are individual information users.The traditional role of publishers in the information value chain is to intermediate between content producers (authors, journalists, scholars), information users, and advertisers and other attention-seekers. 1 As intermediaries, publishers select, check, integrate and package information. They aggregate demand for information into audiences. They distribute information and sell 'access to audiences' to advertisers. Last but not least, they spread the costs of information production and distribution over a large number of users and advertisers, and consequently make information not only physically but also economically accessible to users.Internet offers publishers an additional channel to perform their intermediary tasks, alongside the traditional print channel. This article discusses how the emergence of this new channel affects horizontal and vertical competition on information markets. Building on several case studies, conducted between 2000 and 2002, it compares developments on the online news market with markets for nice-to-know consumer magazines and markets for online professional information -task-related information that professionals need to know -in the Netherlands. By way of conclusion, it assesses the implications of these developments for information market performance.