Abstract
Key points The paper is the product of a long period of research in the Royal Society's extensive archives. Through an exploration of the evolution of Philosophical Transactions, this paper addresses the question of who owns scholarly content and who has the right to circulate it. For much of its history, Philosophical Transactions has not operated on a commercial basis but instead as a component of the Royal Society's information dissemination efforts. Commercial publishing is relatively new: it grew considerably in the early part of the Cold War. While commercial publishers are well placed to respond to changes in the market, the paper vividly demonstrates no business model is invulnerable to change.
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