Director Resigns Dow Jones Board In Protest Over News Corp. Deal

[Newsjock]

Source: Wall Street Journal

Dieter von Holtzbrinck, an heir to the von Holtzbrinck publishing empire, resigned from Dow Jones & Co's board of directors to protest the board's decision to endorse a $5 billion offer from News Corp.

"Although I'm convinced that News Corp. offer is very generous in financial terms," he wrote in a letter to directors today, "I'm very worried that Dow Jones unique journalistic values will long-term strongly suffer after the proposed sale."

... Mr. von Holtzbrinck said his concerns were based on News Corp.'s business practices and the concerns raised by other shareholders, such as Jim Ottaway, who has been an outspoken critic of News Corp. chairman Rupert Murdoch. "I cannot prove that my worries are right," he wrote. "I can only refer to News Corp. business practices in the past, can only refer to Jim Ottaway's article in the Journal, etc."

He also said that he didn't believe that a "special committee" on editorial independence would protect Dow Jones's journalistic integrity. Dow Jones and News Corp. have agreed on a set of editorial principles to protect Dow Jones's independence in the event of a takeover by News Corp. Those principles include a 5-member committee that would serve as a buffer between News Corp. management and Dow Jones's editorial staff.

Read more: http://online.wsj.com/article/SB118479154947870694.html

[liberal N proud]

1. And Murdoch sits and smiles as those not friendly to the regime walk away

DAMN IT! :mad:

[TechBear_Seattle]

2. For all that the WSJ has long been the perspective of the monied class

It has always been pretty upfront with its biases, and once you take those into consideration has a decent reputation for journalism in many areas. Any association with News Corp will taint that reputation beyond all possible redemption.

I can't blame von Holtzbrinck for leaving; he does not want to be on the bridge when the ice berg strikes.

[blm]

3. Yes - this could also be a class thing. But I would like to see more do what they can

to DELEGITIMIZE the Dow entirely. Walk away and don't look back at them.

Murdoch is a dyed in the wool FASCIST, and he surrounds himself with likeminded politicians.

[C_U_L8R]

4. I read the WSJ

but I wouldn't bother with Murdoch behind it.
What's the point if you don't trust the source,