Dow Jones Director Quits Over Murdoch Deal

'Journalistic values will suffer'
By Peter Fearon,  Newser Staff
Posted Jul 20, 2007 7:41 AM CDT
Dow Jones Director Quits Over Murdoch Deal
Co., which is considering a bid to be bought by Rupert Murdoch's News Corp., reported lower second-quarter profits Thursday, July 19, 2007 due to an accounting charge, but revenues and operating income rose. (AP Photo/Seth Wenig, file)   (Associated Press)

A German publishing heir resigned from the Dow Jones board of directors yesterday in protest over the board's vote to accept Rupert Murdoch's $5 billion offer to buy the company.
In his letter, Dieter von Holtzbrinck said the deal jeopardized the editorial integrity of the Wall Street Journal. "Dow Jones' unique journalistic values will strongly suffer after the proposed sale," he charged.

Von Holtzbrinck said he didn't believe the committee devised to safeguard the Journal's editorial integrity would "prevent Mr. Murdoch from doing what he wants to do." The resignation is mostly symbolic, but it could influence members of the Bancroft family, who control the majority of shares and must approve a final deal.  (More Wall Street Journal stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.