In a symbolic move, German billionaire Dieter von Holtzbrinck quit the Dow Jones board to protect the company’s sale to Rupert Murdoch. Holtzbrinck abstained from the board’s vote on Tuesday to endorse News Corp.’s purchase and ultimately wrote a letter of resignation yesterday. From Holtzbrinck’s letter:
Although I’m convinced that News Corp. offer is very generous in financial terms, I’m very worried that Dow Jones unique journalistic values will long-term strongly suffer after the proposed sale [...] I cannot prove that my worries are right, I can only refer to News Corp. business practices in the past, can only refer to Jim Ottaway‘s article in the Journal, etc. I do not believe that the “Special Committee” can finally prevent Murdoch from doing what he wants to do, from acting his way.
The Wall Street Journal notes that Holtzbrinck is a member of a German publishing family that has had similar experiences to the Bancrofts.