Jan. 21, 2015

To our readers:

Some of you may have seen some recent blog posts and discussion on Twitter or elsewhere about Inside Higher Ed Inc.'s ownership status. We wanted you to have more information directly from us.

The most important thing we want you to know is that Inside Higher Ed always has been -- and remains -- an independent journalism organization. That journalistic independence is critical in ensuring the fairness, thoroughness, and vigor of our higher education coverage. If you can't count on the quality and integrity of what you read, what we do will have no value to you.

As has been true since our founding a decade ago, Inside Higher Ed Inc. is owned by its three founders, other individual investors, and investment firms. It's how we were able to get our publication and business off the ground. Our previous investors -- three Washington-area venture capital funds, the Grosvenor Funds, Enhanced Capital, and Advantage Capital -- invested in the company in 2005 and 2006, and Inside Higher Ed has always been listed on the web pages of those funds as being part of their portfolio.

Since 2006, we've operated, profitably, on funds we've generated through advertising, which is what allows us to continue to provide our content at no cost to readers.

In November 2014, Quad Partners, a private equity firm that invests in numerous companies in the education space, including some small for-profit colleges, bought a controlling interest in our company by purchasing shares of Inside Higher Ed Inc.'s stock from our previous investors.

Quad intends to help Inside Higher Ed expand its staff, extend its reach, and improve its coverage and services. Its goal is to help Inside Higher Ed do what it does better. And yes, like all investors, it wants to make money.

Owners of Inside Higher Ed Inc. stock who are not editors play no role in the editorial policies of the company. Quad acknowledged explicitly in its agreement to invest in Inside Higher Ed Inc. that it would be precluded from any involvement in editorial operations.

Upon its investment, Quad listed Inside Higher Ed on its website as a part of its portfolio. In the past, Inside Higher Ed did not issue press releases or statements or otherwise comment publicly on its ownership situation. But we believe that's the right thing to do now because questions have been raised about our transparency.

Here's what we most want you to know: Nothing will change in Inside Higher Ed's coverage of higher education -- except that we hope it will get bigger, broader and better. We will continue to focus on covering the world of higher ed thoroughly and fairly and aggressively, through a mix of explanatory, analytical and enterprising coverage of the institutions and people within it.

We urge you to shout -- loudly -- if you see any change in what we cover (or don't cover), and how we approach it.

We have dedicated our careers -- our lives -- to our reputations as higher education journalists, and Inside Higher Ed is our baby. We would not endanger it.


Scott Jaschik                                          Doug Lederman
[email protected]            [email protected]

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