On his blog Not Even Wrong, Peter Woit reports that the editorial board of the Springer journal K-theory has resigned. They have formed the new Journal of K-theory, which will be published by Cambridge University Press at "significantly less than half [the price] of the old journal" (Another Journal Board Resigns).
This joins two other recent announcements about mathematics journals. Earlier this year, the École Normale Supérieure announced that Annales Scientifiques de l’École Normale Supérieure will no longer be published by Elsevier in 2008. The journal will be published by the Société Mathématique de France instead. In addition, the editorial board of the Elsevier journal Topology resigned last year and formed the new Journal of Topology at Oxford University Press. Note that Mathematical Sciences Publishers also offers the low-cost alternatives Geometry & Topology and Algebraic & Geometric Topology.
Update: Details continues to surface about the K-theory resignations. See the Nature article (Journal Presents a Mathematical Conundrum) and Peter Woit's update (Latest on K-Theory Journal Situation) for the latest information.