(Reuters) -Cable TV pioneer John Malone is not seeking re-election to the board of Warner Bros Discovery and will instead take on the role of chairman emeritus, the media company said on Friday. Malone’s decision was not driven by any disagreement with the company, and he would continue to counsel the board in his new […]
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Warner Bros Discovery says John Malone will not seek board re-election
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(Reuters) -Cable TV pioneer John Malone is not seeking re-election to the board of Warner Bros Discovery and will instead take on the role of chairman emeritus, the media company said on Friday.
Malone’s decision was not driven by any disagreement with the company, and he would continue to counsel the board in his new role, WBD said in a filing.
“I look forward to remaining actively involved, not only as a significant stockholder, but in this important role helping to shape the growth trajectory as the company evaluates important strategic and structural opportunities,” Malone said.
WBD late last year decided to separate its pay-TV networks such as CNN from its streaming and studio operations, paving the way for a possible sale or a spinoff of its TV business.
The 84-year-old billionaire, a well-known figure in the cable TV industry, held a stake of about 0.8% in the media company as of 2024, according to data compiled by LSEG.
He played a major role in the 2022 merger of WarnerMedia and Discovery, which was the result of the popularity of streaming services such as Netflix over cable TV that forced media companies to rethink the future of what was once their biggest profit engine.
Malone was a board member of Discovery since 2008 and continued in that role at the merged company.
Outside of WBD, Malone is known for his success in rolling up U.S. pay-TV businesses with complex financial structures. He also set up the Liberty Media empire.
Last month, WBD announced plans to add General Atlantic’s Anton Levy, who led the private-equity firm’s investments in companies such as Airbnb and Uber, as an independent director to its board.
According to the Wall Street Journal, the board addition came after pressure from hedge fund Sessa Capital, which built around a 1% stake in the company. WBD identified Levy on its own.
Following the changes, the company’s board will comprise 13 directors, 12 of whom will be independent.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Shilpi Majumdar)