This document discusses the changing landscape of academic libraries and their role in stewardship of the scholarly record. It notes that collections are becoming more fragmented as they shift from local to group-scale management, and libraries are redirecting resources from commodity collections to distinctive services. Academic library consortia will need to collaborate more deeply on collection management and custodial responsibilities to adequately support the evolving scholarly record across its various formats. Questions are raised about whether existing consortia represent the right stakeholders and scale of cooperation needed for effective collaborative stewardship arrangements going forward.