Dow director resigns in protest
Dieter von Holtzbrinck stepped down from his position on the Dow Jones board after it voted to endorse the sale of the company to Rupert Murdoch. But not everyone thinks Murdoch will send the Journal off course, Stephen Beard reports.
TEXT OF STORY
Lisa Napoli: A director of Dow Jones has resigned in protest at Rupert Murdoch’s bid to buy the company. A German publishing executive says Murdoch could undermine the editorial independence of The Wall Street Journal. From the European Desk in London, Stephen Beard reports.
Stephen Beard: Von Holtzbrinck quit after the Dow Jones board approved Murdoch’s $5 billion bid for the company.
In a letter to his fellow directors, the German executive spelt out his concerns. He said he was very worried that what he called Dow Jones'”unique journalistic values” would suffer under Murdoch’s ownership.
He doesn’t trust the media mogul’s promise to maintain the company’s editorial independence. But Adrian Monck, a former Murdoch employee and now Professor of Journalism at City University in London, says Murdoch would not do anything to damage Dow Jones.
Adrian Monck: I think he appreciates what the Dow Jones brand is worth, both online and in the Journal itself, and he doesn’t want to ruin something he’s spending a great deal of money on.
The Bancroft family, which owns a controlling stake in Dow, meets on Monday to consider the bid.
In London, this is Stephen Beard for Marketplace.