Dow Jones Director Quits

He also cited a letter published by Jim Ottaway, a controlling Dow Jones shareholder who as been an outspoken critic of Murdoch's offer.

Concerns over Murdoch's journalistic standards have been a major issue in terms of evaluating the deal, but News Corp. and Dow Jones executives have hammered out an agreement to form an independent committee meant to safeguard the integrity of the Journal and other publications.

"I do not believe that the 'Special Committee' can finally prevent Murdoch from doing what he wants to do, from acting his way," von Holtzbrinck said in the letter, which was translated by the Securities and Exchange Commission.

Von Holtzbrinck joined the Dow Jones board in 2001, the year he retired from the helm of the publishing empire he inherited. The company publishes German newspapers like Die Zeit and Handelsblatt. It has also published works from a number of literary giants, from Ernest Hemingway to Salman Rushdie.

The resignation comes as Murdoch's offer to buy Dow Jones faces its final, and perhaps its highest, hurdle: approval from the Bancroft family, which controls the publisher through a dual-class share structure.

The Bancrofts are reportedly torn on the offer, with some family members struggling with the same concerns that von Holtzbrinck cited in his letter. They will be presented with the final details of the deal on Monday and then they will have several days to come to a decision.

The Journal reported that two representatives from the Bancroft family who hold seats on the board of directors, Christopher Bancroft and Leslie Hill, also abstained from the vote in a move that amounted to a "no" vote. Christopher Bancroft reportedly left the board meeting where the vote was held early.

Meanwhile, another board member, Bank of East Asia Chairman and CEO David Li, is facing a probable lawsuit from the SEC in connection with an insider trading probe into the events surrounding News Corp.'s offer. He has denied the allegations.

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