John Malone transitioning to chair emeritus role at Warner Bros Discovery
Billionaire investor John Malone is transitioning to the role of chair emeritus at Warner Bros Discovery (WBD) after opting not to stand for re-election to the US media company’s board of directors.
In his new capacity, Malone will continue to provide strategic advice to the board and management team, in addition to continuing to attend board meetings. The position will become effective at the next annual meeting of WBD stockholders.
As previously announced, Anton Levy, the former head of technology at private equity firm General Atlantic, will join WBD’s board. With Levy’s addition and Malone’s decision not to stand for re-election, the WBD board will continue to consist of 13 members.
Malone was a key architect of the mega-merger that brought together Discover and WarnerMedia to form WBD in 2022. Before that, he was a major shareholder in Discovery.
The news comes during a turbulent time for WBD in the stock market, with shares down more than 25% since US president Donald Trump sent multiple media stocks tumbling with his tariff announcements on April 2.
WBD president and CEO David Zaslav said: “John possesses one of the most brilliant strategic minds our industry has ever known. His exceptional insights and visionary perspective on the global media landscape and its future have been invaluable to me personally and pivotal in shaping the trajectory and remarkable growth of Discovery and now at Warner Bros Discover.”
Malone added: “The board and management team have made incredible progress making the company more resilient, agile and positioned for profitable growth. I am confident Warner Bros Discovery is on the right path and I look forward to remaining actively involved, not only as a significant stockholder, but in this important role helping to shape the growth trajectory as the company evaluates important strategic and structural opportunities ahead and as a fan of our world-class assets and the engaging storytelling that set this company apart.”
