The exterior of the Warner Bros. campus was filmed. Discovery Atlanta after the Writers Guild of America begins its strike against the Alliance of Motion Picture and Television Producers, in Atlanta, Georgia, on May 2, 2023.
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two Warner Bros. Discovery The company's directors, Stephen Miron and Steven Newhouse, resigned following a US Department of Justice investigation into a possible antitrust violation, according to a statement from the company on Monday.
Miron and Newhouse, who were appointed directors in April 2022 as part of the WarnerMedia and Discovery merger, are being investigated over whether their participation on the board violates Section 8 of the Clayton Antitrust Act, which largely prohibits the same directors or companies from serving in the company, the company said. One time on the boards of competitors.
Meron is CEO of the private media firm Advance/Newhouse Partnership and a senior executive at Advance, which invests in media and technology companies, according to the release. Newhouse is co-president of Advance.
Their terms on the Warner Bros. board of directors were set to expire. In 2025.
Rather than object to the DOJ matter, the company said that both Meron and Newhouse have voluntarily chosen to resign from their positions, effective immediately. None of the directors admitted any violation.
“We are proud to have played a role in building this great company and to remain a significant shareholder,” Newhouse said in a statement. “We are disappointed to leave the board, but want to do the right thing for WBD.”
In a statement issued Monday evening, the Justice Department said the conflicting company was Charter, a Connecticut-based media company similar to Warner Bros. The Max streaming platform provides video distribution services. According to the Department of Justice, Advance representatives held seats at two Warner Bros. Board of Directors and Charter Board.
“Today’s announcement is a win for consumers,” Deputy Assistant Attorney General Michael Cadis of the Justice Department’s Antitrust Division said in a statement. “In enacting Section 8 of the Clayton Act, Congress was concerned that competitors who share directors would compete less aggressively to provide better services and lower prices. We will continue to aggressively enforce antitrust laws when necessary to address abuses by corporations and their appointed agents.”
