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Warner Bros. Discovery directors have reportedly quit after the U.S. Department of Justice launched a probe into them. Steven O. Newhouse and Steven A. Miron have stepped down and the New York-based mass media and entertainment firm their resignation on Monday, April 1.
DOJ’s Ongoing Antitrust Probe
According to the reports, the DOJ is investigating whether Newhouse and Miron have violated a law forbidding executives' services simultaneously on the boards of competitors. As per CNBC, the two independent directors of Warner Bros. Discovery were appointed in April 2022 as part of WarnerMedia and Discovery’s merger. Now, this has become the root cause of the investigation.
The DOJ is checking if their simultaneous participation on the board breached Section 8 of the Clayton Antitrust Act. The decree states that the same directors or companies cannot serve simultaneously on the boards.
Voluntary Resignation
Instead of challenging the DOJ for its probe, Warner Bros. Discovery said that Miron and Newhouse voluntarily quit their posts. Their resignations are effective immediately, but neither admitted to committing any violation.
At any rate, if there were no issues and they stayed, their terms at the Warner Bros. board would have naturally expired in 2025. In a statement, Newhouse said on their exit, “We are proud to have played a role in the building of this great company and remain a large stockholder. We are disappointed to leave the board, but wish to do the right thing for WBD.”
Commenting on the probe, Deputy Assistant Attorney General Michael Kades of the Justice Department’s Antitrust Division said via a press release, “Today’s announcement is a win for consumers. In enacting Section 8 of the Clayton Act, Congress was concerned that competitors who shared directors would compete less vigorously to provide better services and lower prices.”
Kades added, “We will continue to vigorously enforce the antitrust laws when necessary to address overreach by corporations and their designated agents.”
Photo by: Warner Bros. Discovery Newsroom
