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Warner Bros. Discovery Directors Step Down Amid DOJ Antitrust Probe

 |  April 2, 2024

Warner Bros. Discovery has announced the resignation of two of its board members, Steven Newhouse and Steven Miron, amidst an ongoing antitrust inquiry by the Justice Department.

According to the New York Times, the inquiry is focused on determining whether their simultaneous presence on the board violated federal law, which prohibits corporate officers and board members from serving on the boards of competitors.

Both Newhouse and Miron, executives at Advance, a private family-held business, have decided to step down from their positions on the Warner Bros. Discovery board following the revelation of the investigation, according to NYT. Advance’s portfolio includes the Condé Nast glossy magazine empire and significant shares in Charter Communications, a cable company that competes in the streaming services market, similar to Warner Bros. Discovery.

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The Justice Department expressed concerns regarding Miron’s and the Newhouse family’s positions on the boards of both Warner Bros. Discovery and Charter, suggesting potential violations of antitrust regulations. Michael Kades, Deputy Assistant Attorney General of the department’s antitrust division, hailed the resignations as a victory for consumers.

Acknowledging the contributions of Newhouse and Miron, David Zaslav, CEO of Warner Bros. Discovery, expressed gratitude for their service while wishing them well in their future endeavors. The resignations mark a significant step in addressing regulatory concerns and ensuring compliance with antitrust laws within the corporate landscape.

Source: NY Times