John Malone, the shrewd and far-sighted media mogul and key ally of David Zaslav, has decided not to stand for re-election to Warner Bros. Discovery‘s board of directors. He will instead transition to the role of chair emeritus when his term expires this year.
In a release announcing Malone’s move, the company said that he will continue to regularly attend board meetings, as well as offer “strategic counsel.” He will be less involved, however, in the day-to-day oversight of the business.
Malone backed Zaslav, the Warner Bros. Discovery CEO, in his bold 2021 move to merge Discovery with WarnerMedia. Malone was a major stakeholder in the cable company, which maneuvered to join forces with the far-larger WarnerMedia after AT&T sought to disentangle itself from Hollywood following its short ownership of the film and television studio.
“John possesses one of the most brilliant strategic minds our industry has ever known. 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” Zaslav said in a statement.
Zaslav went on to say that “the partnership and friendship we’ve built over more than 30 years has been one of the true joys of my career.”
In addition to being a major investor in Warner Bros. Discovery, Malone runs Liberty Media Corporation and Liberty Broadband Corporation, as well as Liberty Global Plc.
Warner Bros. Discovery has faced skepticism from some in the investment community because of the heavy debt load it assumed as part of the merger, as well as the general struggles that the entertainment industry has faced as it grapples with the deterioration of the cable and theatrical film businesses. But Malone sounded a note of confidence in the company’s future.
“It has been a privilege to serve on the Warner Bros. Discovery Board and work alongside David and his exceptional team to help guide the company through an industry-defining merger and its ongoing transformation,” Malone said in a statement. “A constant through this journey has been my long-standing partnership with David, built on deep trust and his powerful combination of operational excellence and decisive leadership.”
Warner Bros. Discoery said it will nominate Anton Levy, an investor and an advisory director at General Atlantic, to the board.
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