The Chronicle picked this up and I haven't seen any UK comment yet, though Emerald are based here and their list contains a number of library and information science titles.
There's a PowerPoint presentation and an article accepted for publication in Spring 2005 in Library Resources & Technical Services (LRTS).
Subsequently I've found a press statement on Emerald's web site. It sits in the November 2004 section but is otherwise undated.

