Dow Jones Director Quits

At least one Dow Jones (DJ) director wasn't lured in by Rupert Murdoch's billions.

Dieter von Holtzbrinck, the heir of a Germany-based publishing empire, resigned from Dow Jones' board Thursday in protest of the company's embrace of a $5 billion buyout offer from Murdoch's media empire, News Corp. (NWS).

In a letter disclosed in a regulatory filing from Dow Jones on Thursday, von Holtzbrinck said he's concerned that The Wall Street Journal publisher's journalistic standards will be in jeopardy in the event of a sale to Murdoch. Von Holtzbrinck, who was one of 16 Dow Jones board members, abstained from a vote Tuesday in which a majority of the directors endorsed the sale to Murdoch.

"Although I'm convinced that News Corp.'s 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," he said. "Listening to our lawyers, one has to vote for a deal which is in the best (financial) interest for the shareholders, except if one can prove that such deal bears risks for the company that overcompensate the financial profits."

Von Holtzbrinck went on to note News Corp.'s journalistic track record, which has tended to infuse Murdoch's political views and business interests into its news coverage -- a practice that runs counter to the editorial practices at Dow Jones.