'Steven Miron, Steven Newhouse Resign From Warner Bros. Discovery Board After Disclosing DOJ Antitrust Probe' - Variety
Portfolio Pulse from Benzinga Newsdesk
Steven Miron and Steven Newhouse resigned from the Warner Bros. Discovery (WBD) board due to a DOJ antitrust probe into potential violations of Section 8 of the Clayton Antitrust Act. Their resignations led to the board's decision to reduce its size from 13 to 11 directors. Both were significant figures from Discovery Inc., contributing to the merger with WarnerMedia and had served on the board since 2008. Their departure is immediate, and they chose to resign amidst changing competition dynamics in the entertainment industry without admitting any violation.
April 01, 2024 | 8:43 pm
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The resignations of Steven Miron and Steven Newhouse from Warner Bros. Discovery's board due to a DOJ antitrust investigation could impact investor confidence and potentially affect WBD's stock price in the short term.
The resignations come as a result of a DOJ antitrust investigation, which could raise concerns among investors about potential legal challenges and governance issues within WBD. This news might lead to negative sentiment in the short term, affecting the stock price.
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IMPORTANCE 75
RELEVANCE 90