We have fabricated light‐emitting diodes with poly(p‐phenylenevinylene) as the emissive layer, and with an electron‐transporting layer formed from a solid state dispersion of 2‐(4‐biphenylyl)‐5‐(4‐tert‐butylphenyl)‐1,3,4‐oxadiazole in poly(methyl methacrylate), placed between this and the negative electrode. These structures show typically a tenfold improvement in efficiency in the low‐voltage regime and an eightfold improvement in the high‐voltage regime over devices without the electron‐transporting layer. Typical efficiencies are about 0.8% photons/electron. We consider that the role of the electron‐transport layer is to confine holes to the emissive layer.