Media billionaire John Malone is exiting his seat on Warner Bros. Discovery’s board of administrators and can change into chair emeritus.
The corporate stated Friday in an SEC submitting that Malone notified the board on Tuesday that he didn’t intend to face for re-election at WBD’s subsequent annual shareholder assembly.
The board will even enhance to 14 members, the submitting famous. WBD has been overhauling its board of late, partially as a result of efforts by an activist shareholder to impact adjustments on the firm.
Malone helped engineer the 2022 merger of Discovery, wherein he held a longtime stake, and WarnerMedia. He has been a mentor to WBD CEO David Zaslav. Not like lots of Malone’s shrewd strikes over many a long time within the media enterprise, the WBD merger hasn’t resulted in robust returns for shareholders after three years. The corporate’s inventory slipped under $9 a share this week and trades at roughly one-third its degree on the time of the mix.
As chair emeritus, WBD stated, Malone will attend board conferences “in an advisory capability, however won’t vote on board issues.”
