Two top Congressman want Bob Iger, David Zaslav and Lachlan Murdoch to provide some solid answers about Disney, Warner Bros Discovery and Fox’s proposed sports streaming service.
01.04.2024 - 21:27 / deadline.com
Warner Bros. Discovery said today that directors Steven A. Miron and Steven O. Newhouse, both of have both notified the board that they have resigned after the U.S. Department of Justice informed them that it was investigating whether their service on the company’s board of directors violated Section 8 of the Clayton Antitrust Act on overlapping boards.
That section prohibits directors and officers from serving simultaneously on the boards of competitors, subject to limited exceptions.
Newhouse is co-president of Advance, Miron is CEO of Advance/Newhouse Partnership, privately held by the Newhouse family. The family owns about 8% of WBD stock through its previous holding in Discovery. In this case the Charter Communications board is the issue, Deadline has learned. Miron is a director there, as is another Newhouse family member, Michael Newhouse.
“Miron and Newhouse informed WBD that, without admitting any violation, and in light of the changing dynamics of competition in the entertainment industry, they elected to resign rather than to contest the matter,” the company said.
The terms of both were to expire in March of 2025.
Miron was a member of the board’s Compensation Committee. Newhouse was a
member of the Nominating and Corporate Governance Committee.
The resignations were not the result of any disagreement with the Company on any matter relating to the WBD’s “operation, policies or practices,” the company said in an SEC filing today.
It said the board simultaneously adopted a resolution to reduce its size to eleven directors.
Miron and Newhouse were each appointed to the WBD Board effective upon the closing of the merger between Discovery and WarnerMedia on April 8, 2022, and served as Class III directors.
Two top Congressman want Bob Iger, David Zaslav and Lachlan Murdoch to provide some solid answers about Disney, Warner Bros Discovery and Fox’s proposed sports streaming service.
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