This an interesting story about a collaboration between three colleges in Wellesley, MA.  This is how institutions with complementary strengths consolidate them to the advantage of the group.  It so happens that these three colleges are in close geographical proximity but with very distinct academic programs.

WELLESLEY – Wellesley College will launch a unique collaboration this fall with two neighboring schools with very different missions, as part of an effort to offer students from each of the colleges a more diverse educational experience at little additional cost.
At a time when many colleges have been forced to cut back and reevaluate what they offer, the elite liberal arts school for women has found common ground with Franklin W. Olin College of Engineering, a tiny school just 7 years old, and Babson College, a business school with an entrepreneurial bent.
Under the new partnership, faculty will jointly develop programs designed to equip students to tackle major world problems, such as energy supply and national security, from different academic perspectives, said Wellesley’s president, Kim Bottomly. The triumvirate will give undergraduates expanded educational opportunities through new academic programs that none of the schools could afford on its own.
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Amid bleak economic times, the new model is drawing the attention of higher education officials and policy makers concerned about rising tuition costs, said Richard Doherty, president of the Association of Independent Colleges and Universities in Massachusetts.

via Wellesley College teams with Olin, Babson to offer new curricula – The Boston Globe.