Two Warner Bros. Discovery directors resign over antitrust concerns

By Ben Glickman

Two Warner Bros. Discovery (WBD) directors have resigned after antitrust officials raised the issue of them serving on the board of a competitor.

The Justice Department said on Monday that its antitrust division had expressed concerns that the directors, who also served on the board of Charter Communications (CHTR), had violated a section of competition law. The names of the directors weren't provided by the department

Separately, Warner Bros. Discovery said in a regulatory filing on Monday that two of its directors, Steven Miron and Steven Newhouse, had resigned from the board. The resignations weren't the result of disagreements with the company on its operations, policies or practices, Warner Bros. Discovery said.

The Justice Department said that Section 8 of the Clayton Act prohibits the same person or company from serving on the boards of competitors at the same time, with some exceptions.

Prosecutors said that Warner Bros. Discovery and Charter both offered video distribution services, Charter through its Spectrum cable service and Warner Bros. through its Max streaming service.

The Justice Department said that privately held media company Advance Publications, which owns Conde Nast, had representatives on both boards.

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04-01-24 1915ET

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