Warner Bros says two independent directors resign after DOJ probe
Reuters
Published Apr 01, 2024 04:37PM ET
Updated Apr 01, 2024 06:06PM ET
(Reuters) -Warner Bros Discovery (NASDAQ:WBD) said independent directors Steven Miron and Steven Newhouse had resigned from its board on Monday after U.S. antitrust authorities began probing their service as directors of a competing media company.
Miron and Newhouse stepped down after the U.S. Department of Justice (DOJ) informed them it was investigating whether their positions on the boards of Warner Bros Discovery and Charter Communications (O:CHTR) violated Section8 of the Clayton Antitrust Act, according to a Warner Bros statement.
That section prohibits directors from serving on boards of competitors. Both companies sell video directly to consumers.
Miron and Newhouse were each appointed as directors to the company's board after the merger between Discovery Inc and WarnerMedia in April 2022. Neither admitted to any violation, Warner Bros Discovery said in a release.
"We are disappointed to leave the Board, but wish to do the right thing for WBD," Newhouse said in a statement.
The Justice Department said its investigation was part of efforts to unwind or prevent overlaps on the boards of at least two dozen companies across various industries.
Shares of Warner Bros, which said it had reduced the size of its board to 11 directors, fell 1 cent to $8.78 in after-hours trading.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.