["The RAND Journal of Economics, EarlyView. ", "\nABSTRACT\nThis article examines the welfare implications of third‐party informational intermediation. A seller sets the price of a product that is sold through an intermediary, who discloses information about the product to consumers. In a model where the intermediary is consumer‐minded—has a payoff that depends on both the seller's revenue and the consumer surplus, we show that total welfare may decrease in the Pareto sense, as the intermediary's consumer‐mindedness increases. Furthermore, we show that consumer‐mindedness emerges endogenously when a revenue‐maximizing intermediary is forward‐looking and the consumer base is increasing in past consumer surplus."]