Two Warner Bros. Discovery directors quit following antitrust investigation.

• On Monday, the Warner Bros. Discovery board announced the immediate resignation of Steven Miron and Steven Newhouse.
• An antitrust investigation by the U.S. Department of Justice led to the resignation of the pair, who were found to have violated a clause prohibiting directors from serving on the boards of competing companies.
• Neither director admitted any violation and chose to resign, the company said.

According to a company release Monday, two directors, Steven Miron and Steven Newhouse, are resigning following a U.S. Department of Justice investigation into a potential antitrust violation.

The investigation is looking into whether Miron and Newhouse, who were appointed as directors in April 2022 as part of the WarnerMedia and Discovery merger, are in violation of Section 8 of the Clayton Antitrust Act, which prohibits directors from serving on the boards of competitors.

Advance/Newhouse Partnership is a privately held media company with Miron as its CEO and Newhouse as its co-president, according to the release.

The terms of both members on the Warner Bros. board were set to expire in 2025.

The company announced that Miron and Newhouse resigned from their positions as directors, effective immediately, without admitting any violation of the DOJ matter.

Newhouse stated that they are proud to have contributed to the construction of the company and remain a significant shareholder. Although they are disappointed to depart from the Board, they believe it is necessary to act in the best interest of WBD.