A discussion of the field content of quadratic higher-derivative gravi
tation is presented, together with a new example of a massless spin-tw
o field consistently coupled to gravity. The full quadratic gravity th
eory is shown to be equivalent to a canonical second-order theory of a
massive scalar field, a massive spin-two symmetric tensor field, and
gravity. The conditions showing that the tensor field describes only s
pin-two degrees of freedom are derived. A limit of the second-order th
eory provides a new example of a massless spin-two field consistently
coupled to gravity. A restricted set of vacua of the second-order theo
ry is also discussed. It is shown that flat space is the only stable v
acuum of this type, and that the spin-two field around flat space is u
nfortunately always ghostlike.