The recent partial acquisition of a university press by Taylor and Francis provoked strong reaction from some quarters and walkouts by academic editors at the press. This case, however, fits into a much broader set of interrelated questions about the role, the marketable 'brand', and the very identity of the university press in the 21st Century. In this article, we situate the case of this acquisition in these wider debates around university governance, the usefulness of the 'commercial' vs 'non-profit' dichotomy, the flow of revenue from libraries to publishers, and the lack of awareness by many researchers around their rights as authors. We also elucidate the case for good, participatory governance and more transparency around governance as safeguards for the longevity, efficacy, and reputation of institutional publishing.