TVNewser FishbowlDC AgencySpy TVSpy LostRemote PRNewser SocialTimes AllFacebook 10,000 Words GalleyCat UnBeige MediaJobsDaily

Dow Jones Director Resigns In Protest Over Rupe Deal

dieter_072007.jpgIn 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.

Mediabistro Course

Overcoming Writer's Block

Overcoming Writer's BlockUse proven tools and exercises to get back to writing! Starting July 15, learn a process that will help you pinpoint your optimal writing conditions, structure your time and build a framework to increase your productivity. Register now!