Educational Testing Service has begun exploring sale or strategic investments for two flagship exams, the GRE and TOEFL, reflecting long‑running declines in test‑taker pools and shifts in graduate‑admissions practices. The Wall Street Journal reports ETS is fielding interest at a roughly $500 million price level from private equity and international buyers as the GRE faces a post‑pandemic retreat in demand and the TOEFL competes with Duolingo’s market entrance. Sources cited changes in institutional admissions requirements, visa policy pressures that have reduced international testing volumes, and increased private‑sector competition as primary drivers. Buyers under consideration include education investors and firms with scale in English‑language assessment. A sale would reconfigure the testing ecosystem and raise questions about stewardship of standards and access. Graduate schools, international student offices and pathway providers should assess how changes in test ownership could affect fee structures, test availability, and the role of standardized exams in admissions decisions.