Educational Testing Service has opened talks to sell the GRE and TOEFL, a move that underscores seismic shifts in graduate admissions and international testing markets. ETS is seeking roughly $500 million for the pair, according to people familiar with the discussions, as global test volumes have collapsed since the pandemic and many programs ditch standardized requirements. The potential divestiture coincides with steep drops in MBA applications. Business‑school trade coverage shows some programs reporting declines of 20%–30% in applications this cycle, driven especially by international applicants and by policy and visa concerns. Admissions leaders and career offices will need to adjust recruitment strategies and rely more on alternative credentials, employer partnerships, and direct engagement as traditional test revenue streams wane.