Warner Bros. Discovery directors Steven Miron and Steven Newhouse are resigning after the Department of Justice said it was investigating whether the duo was violating antitrust laws, the company said in a statement.
According to the entertainment company, Miron and Newhouse resigned after the agency informed them that it was looking into whether their positions on the Board of Directors violated Section 8 of the Clayton Antitrust Act, which broadly prohibits directors from serving on the board of a competing corporation.
Miron and Newhouse were appointed to the Warner Bros. Discovery board following the merger between Discovery, Inc. and WarnerMedia in April 2022.
According to the company’s statement, Miron is the CEO of privately held media company Advance/Newhouse Partnership. He is also the senior executive officer at Advance, which invests in media and technology companies. Newhouse is the co-president of Advance.
Rather than contest the agency’s probe or admit any violation, Miron and Newhouse said they would immediately resign. Their initial terms on the board were scheduled to expire in 2025.
“We are proud to have played a role in the building of this great company and remain a large stockholder,” Newhouse said in the company’s statement. “We are disappointed to leave the Board, but wish to do the right thing for WBD.”
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