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Many libraries have been affected by the proliferation and price inflation of serial publications in recent years. Academic libraries have been especially hard‐hit since they are trying to cope with increasing subscription prices while facing budget reductions or very small increases. Although requesting additional funds and freezing new subscriptions help as short‐term measures, some libraries have undertaken serials evaluation and cancellation programs as a more permanent solution. Our university library conducted a comprehensive serials review, which is described here. This article explains the justification for the review and describes the methodology used and the problems encountered in canceling serials subscriptions.