Media industry tycoon John Malone has announced he will not seek re-election to the board of directors at Warner Bros Discovery (WBD), and will instead transition into its chair emeritus.
The announcement was revealed in a filing with the U.S. Securities and Exchange Commission (SEC) on Friday, ahead of WBD’s next shareholder meeting. The company has faced pressure from an activist investor to overhaul its board, and recently announced it will expand to 14 members, to include the addition of tech investor Anton Levy.
Malone, who made his millions in the cable television industry, was instrumental in effectuating the blockbuster merger between Discovery Communications — which was partially owned by Malone’s Liberty Global — and AT&T’s WarnerMedia three years ago.
As chair emeritus, Malone will attend meetings and advise members, but will not vote on company matters, WBD said.
Malone remains active in his other companies, including Liberty Media, which has stakes in Charter Communications, GCI Communications, SiriusXM, Live Nation Entertainment and Formula 1.
“John possesses one of the most brilliant strategic minds our industry has ever known,” David Zaslav, the CEO of WBD, said in a statement. “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. Discovery. Working alongside John has profoundly enriched our ability to navigate complex challenges, seize transformative opportunities, and create lasting value.”
In a statement of his own, Malone thanked Zaslav and said he was “confident Warner Bros Discovery is on the right path.”
Malone and his long-time biographer, Mark Robichaux, are working on a second tell-all biography that explores some of the moguls he encountered during his years developing TCI and Liberty Media. Their first book together, “Cable Cowboy,” is available on Amazon.
