Two Warner Bros. After the Department of Justice informed them that they were being looked into for possible anti-trust transgressions, Discovery managers Steven Miron and Steven Newhouse both resigned from the board of directors.
After the couple left their posts, the committee decided to reduce its dimension from 13 to 11 people. Per Variety:
Because both Miron and Newhouse sit on Warner Bros. ‘ committee, the Justice Department targeted them. Discovery and wire huge Charter Communications, two independent companies that do important business together. Prior to the 2022 union of Discovery and Warner Media, Iron and Newhouse were lifelong investors in Discovery Inc., and they also held board seats on Charter Communications ‘ table after Charter acquired Advance/Newhouse’s Bright House Networks wire networks in 2016.
The DOJ described the fight as involving Miron and Newhouse working for both Warner Bros. Discovery’s and Charter’s board was this: Charter, through its Spectrum wire services, and WBD, including through its Max streaming membership providers, both offer video services to customers. According to the Justice Department, Section 8 conflict enforcement efforts have “unwound or prevented interlocks” involving at least two dozen businesses to date.
The Justice Department’s Antitrust Division’s Deputy Assistant Attorney General Michael Kades described the investigation as a “win for consumers.”
” Today’s announcement is a win for consumers”, said Kades. Congress was concerned that rivals who shared directors would compete less vigorously to provide better services and lower prices when enacting Section 8 of the Clayton Act.
When necessary,” We will continue to vigorously enforce the antitrust laws in order to combat overreach by corporations and their designated agents,” Kades continued.
With only a few exceptions, according to Section 8 of the Clayton Act, directors and officers of a given company may be prohibited from serving on a company’s boards because it infringes antitrust laws.
Warner Bros. According to Discovery, Miron and Newhouse informed the company that “without admitting any violation, and in light of the changing dynamics of competition in the entertainment industry, they chose to resign rather than contest the matter.”
David Zaslav, CEO of Warner Bros. Discovery, thanked Miron and Newhouse for their “extraordinary service” in a statement.
I want to thank Steve Miron and Steven Newhouse for their outstanding service to Discovery and Warner Bros. on behalf of our board and the WBD leadership team. Discovery”, said Zaslav. Steve and Steven have been a great resource of wise counsel and invaluable industry insight over the years, and they have played an important part in getting this new company up and running and on a path to long-term growth. We are incredibly appreciative of their unwavering support and wish them the very best.
Samuel Di Piazza Jr., chair of the board of WBD, expressed similar sentiments.
I would like to express my gratitude to Steve Miron and Steven Newhouse on behalf of WBD’s stockholders and for their numerous contributions to the board’s deliberations and work. We will miss having them as board members, and we wish them the best of luck in their future endeavors,” he said.
Steven Newhouse stated that he was leaving the board” to do the right thing for WBD.”
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