Apple reportedly plans to reduce the 30% subscription commission fee paid by media companies (updated)

Apple plans to reduce the price that media companies pay for every subscription they sell through its Newsstand marketplace.

Media companies now pay a 30 percent fee for each subscription sold.

Apple is currently renegotiating the fee with many media companies, a report from the Financial Times said today.

For example, publishers like Time Inc. and NPR might pay less to Apple when they sell subscriptions within the Newsstand.

The Financial Times report suggested that the move might be an effort to appease regulators, who might see the "Apple Tax" as an onerous fee to do business in the Apple's marketplace.

Apple didn't immediately return calls for comment on this story.

Update 2:30 p.m. PST: The original Financial Times story cited in this post was grossly incorrect, claiming that the fee reduction applies to subscriptions sold within apps in the App Store. The Times has now revised its story to say that the fee reduction applies only to subscriptions sold by media companies in Apple's Newsstand. We regret the error.