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Investing.com -- Warner Bros. Discovery (NASDAQ:WBD) is increasing its board size following pressure from activist shareholder Sessa Capital, according to the Wall Street Journal, citing insiders.
The entertainment company has chosen Anton Levy, former co-president of private-equity firm General Atlantic, to join its board. Levy continues to serve as an advisory director at General Atlantic.
The decision to bring Levy onboard was independently made by Warner’s board. With Levy’s addition, the board will now consist of 14 directors. Earlier in January, the company also added Anthony Noto, CEO of SoFi Technologies (NASDAQ:SOFI), and Joey Levin, head of IAC, to its board.
Sessa Capital, a hedge fund that holds approximately 1% stake in the company, has been urging Warner to add new board members and expedite its business restructuring. The hedge fund hopes that the company might consider spinning off or selling its cable networks.
Warner Bros. Discovery, Inc. has confirmed its intention to add Anton Levy as an independent director in a press release. This decision is in line with the commitment the company made in December to continue enhancing the board with industry experts who have a history of value creation.
Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors, expressed his pleasure at welcoming Anton to the board. David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery, also emphasized the company’s progress towards achieving its vision for Warner Bros. Discovery and expressed confidence that Anton will add valuable perspectives to the company’s efforts to drive long-term value for shareholders.
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