“I’m worried that Dow Jones’s unique journalistic values will long-term strongly suffer after the proposed sale,” Dow Jones director Dieter von Holtzbrinck said in a letter to the SEC, explaining why he resigned in protest of the board’s Murdoch vote. “I cannot prove that my worries are right. I can only refer to past News Corp business practices in the past.”
Mysteriously, on the actual board vote, von Holtzbrinck merely abstained, as did Christopher Bancroft and Leslie Hill (the latter being two members of the controlling Bancroft family). If you think the merger is such a lousy idea then why abstain? Why not vote against it? Perhaps because, although Murdoch may indeed change the Wall Street Journal‘s journalistic values, the sale might still be a smart move for shareholders–and von Holtzbrinck and the Bancroft directors don’t want to be seen as voting against the interests of shareholders. Telegraph
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