Dow Jones director quits in sale protest

Empty

German publishing executive Dieter von Holtzbrinck has resigned as a director of Dow Jones & Co. to protest the board's endorsement of a deal to sell the company, which publishes the Wall Street Journal, to Rupert Murdoch's News Corp. In a letter to Dow Jones' other board members, von Holtzbrinck said he was "very worried" that the company's "unique journalistic values will long-term strongly suffer after the proposed sale." Dow Jones disclosed von Holtzbrinck's departure and included a copy of his letter in a regulatory filing on Thursday. Dow Jones' board endorsed the $5 billion buyout offer from News Corp. late Tuesday, and the proposal has now gone to the company's controlling shareholders, the Bancroft family, for a decision. They are expected to meet Monday and take several days to consider the offer.
comments powered by Disqus