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.