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Warner Bros. Discovery (NASDAQ: WBD) said two independent directors linked to private media giant Advance/Newhouse will resign from the board amid antitrust scrutiny.
Steven O. Newhouse is co-president of Advance Publications, owner of a large number of media subsidiaries, including Condé Nast and American City Business Journals – and Steven A. Miron is CEO of Advance/Newhouse Partnership.
Both resigned from the board after the U.S. Department of Justice told them it was investigating whether their service on the board violated Section 8 of the Clayton Antitrust Act.
Miron and Newhouse “informed WBD that, without admitting any wrongdoing, and in light of the changing competitive dynamics in the entertainment industry, they have chosen to resign rather than litigate the matter.”
Advance has been a shareholder in WBD, with an 8% stake, and both Miron and Newhouse were appointed to WBD’s board as Discovery designees, effective upon the closing of the WarnerMedia/Discovery merger in April 2022.