Two Warner Bros. Discovery directors resign over antitrust concerns

By Ben Glickman

Two directors of Warner Bros. Discovery (WBD) have resigned after antitrust officials raised the issue that they were on the board of a competitor.

The Justice Department said on Monday that its antitrust division had raised concerns that the directors, who also sat on the board of Charter Communications (CHTR), had violated a section of competition law. The names of the directors were not provided by the department.

Separately, Warner Bros. Discovery said in a regulatory filing Monday that two of its directors, Steven Miron and Steven Newhouse, had resigned from the board. The resignations were not the result of disagreements with the company over its operations, policies or practices, Warner Bros. Discovery said.

The Justice Department said Section 8 of the Clayton Act prohibits the same person or company from serving on the boards of competitors at the same time, with some exceptions.

Prosecutors said Warner Bros. Discovery and Charter offered video distribution services, Charter through its Spectrum cable service and Warner Bros. through its Max streaming service.

The Justice Department said the private media company Advance Publications, which owns Condé Nast, had representatives on both boards.

This content was created by MarketWatch, operated by Dow Jones & Co. MarketWatch is published independently of Dow Jones Newswires and The Wall Street Journal.

 

(END) Dow Jones News

04-01-24 1915ET

Copyright (c) 2024 Dow Jones & Company, Inc.

Leave a Comment

Comments

No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *