WarnerBros directors Miron, Newhouse resign after antitrust probe

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Warner Bros. directors Miron, Newhouse resign after antitrust probe

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The outside of the WarnerBros Discovery Atlanta school is visualized after the Writers Guild of America started its strike versus the Alliance of Motion Pictures and Television Producers, in Atlanta, Georgia, on May 2, 2023.

Alyssa Pointer|Reuters

Two WarnerBros Discovery directors, Steven Miron and Steven Newhouse, are resigning following a U.S. Department of Justice examination into a possible antitrust offense, according to a business release Monday.

The business stated Miron and Newhouse, who were both selected as directors in April 2022 as part of the Warner Media and Discovery merger, were being examined regarding whether their involvement on the board remained in offense of Section 8 of the Clayton Antitrust Act, which mainly restricts the exact same directors or business from serving concurrently on the boards of rivals.

Miron is the CEO of independently held media business Advance/Newhouse Partnership and a senior executive officer at Advance, which purchases media and innovation business, according to the release. Newhouse is co-president of Advance.

Both of their terms on the WarnerBros board were set to end in 2025.

Rather than objecting to the DOJ matter, the business stated both Miron and Newhouse willingly chosen to resign from their positions, reliable right away. Neither director confessed any offense.

“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,” Newhouse stated in a declaration.

In a Monday night declaration, the DOJ stated the contrasting business is Charter, a Connecticut- based media business which, comparable to Warner Bros.’ streaming platform Max, supplies video circulation services. According to the DOJ, Advance agents held seats on both Warner Bros.’ board and Charter’s board.

“Today’s announcement is a win for consumers,” Deputy Assistant Attorney General Michael Kades of the Justice Department’s Antitrust Division stated in a declaration. “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. We will continue to vigorously enforce the antitrust laws when necessary to address overreach by corporations and their designated agents.”

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