The proposed paper analyses the changes in business models employed by the stakeholders in the newspaper value network, in the context of a new type of electronic reading device -the ePaper. This PDA-like device uses a new high-contrast, low-power screen technology (eInk), which holds the promise of a digital and mobile reading experience close to that of 'real' paper. The potential impact of massive digitally distributed reading content -newspapers, but also magazines, books, and all other material previously printed on paper- on the traditional publishing value chain and its different constituent actors could be significant. For example, content aggregation roles already greatly dispersed by the internet could move further away from the traditional newspaper publishers; using logging data and RSS feeds on the device, newspaper advertising could become personalised and interactive; for newspaper publishers, production and distribution costs could go down and updated content could be sent to the device whenever needed etc. This paper is based on a large scale research project in Flanders/Belgium, which has brought together a device manufacturer, a financial newspaper publisher, a telecoms incumbent and several technological and social science research groups from Flemish universities. To complement the technological development and an extensive field trial with near-market devices, the authors analysed how this new technology might transform the traditional publishing value chain, what the strategic options of the different actors are, and what scenarios are possible and likely to occur in the development of ePaper publishing. To do this, they make use of the theoretical framework for business model analysis. Using literature study as well as empirical data (i.e. face to face interviews with important stakeholders from the newspaper and book publishing sectors), a number of scenarios for the re-definition of roles are outlined. The authors come to the conclusion that the choice for an open versus a closed architecture, along with the technological roadmap of the device, will be crucial in establishing a valid business model for ePaper. In this paper we complement the scenario study with information on the first commercial trials and products using electronic eInk based reading devices.