Warner Bros. Discovery Plans to Add Anton Levy to Board Amid Activist Pressure

Warner Bros. Discovery (WBD) announced the addition of Anton Levy, former co-president and chairman of global technology at General Atlantic, as an independent director to its board, expanding it from 13 to 14 members. This move comes amid pressure from activist hedge fund Sessa Capital, which holds approximately a 1% stake in WBD and has been advocating for quicker restructuring efforts. Levy's extensive experience in technology investments, including companies like Airbnb and Uber, aligns with WBD's strategy to enhance its board with industry experts focused on value creation. His appointment follows the earlier addition of Anthony Noto and Joey Levin as independent directors this year. CEO David Zaslav emphasized the importance of Levy's insights as WBD aims to improve performance and adapt to a changing media landscape. This board expansion is part of WBD's ongoing efforts to separate its declining cable TV businesses from its streaming and studio operations.