1 day Ago By jillg366
Warner Bros. Discovery has named attorney Daniel E. Sanchez, the nephew of John Malone , to its board, effective Oct.
1. The board had voted at its last meeting to expand to 12 directors. Sanchez will stand for election at the 2025 annual shareholders meeting next summer.
WBD said he was added as an independent director. He is currently on the boards of Liberty Global and Liberty Latin America, both companies in Malone’s portfolio. The cable pioneer and investor, a longtime mentor of Warner Bros.
Discovery CEO David Zaslav , was also a major Discovery shareholder and has large stake in WBD. Sanchez was previously a Discovery director from May 2017 until April 2022, when the Warner Media merger closed. He also previously served on the boards of Starz and Lionsgate, “providing him important public company board experience and familiarity with many of WBD’s assets as well as the larger media ecosystem,” WBD said.
From January 2007 until his retirement in 2021, Sanchez was in legal private practice, representing individual and business clients in a variety of non-litigation areas. In 2012, he earned his master’s degree in tax law and subsequently focused his practice on the area of tax planning. According to WBD, “this legal expertise will enable Sanchez to assist the Board in developing strategies that take into consideration a wide range of issues resulting from the application and evolution of tax laws and regulations.
” “Dan’s legal background, business experience, and exceptional service on the Discovery, Inc. board make him a positive addition to WBD’s Board,” said Samuel A. Di Piazza, Jr.
, chairman of the board at WBD. “The Company and the industry are in a time of exceptional change, and with that comes exceptional opportunity. Dan will be an important voice as the Board advises on growth plans, evolving consumer preferences, and strategic initiatives,” he added.
Earlier this year two Warner Bros Discovery directors, Steven A. Miron and Steven O. Newhouse, resigned after the U.
S. Department of Justice informed them it was investigating whether their service violated Section 8 of the Clayton Antitrust Act on overlapping boards — specifically involving Charter Communications (another Malone investment). That section prohibits directors and officers from serving simultaneously on the boards of competitors, subject to limited exceptions.
Newhouse is co-president of Advance and Miron is CEO of Advance/Newhouse Partnership, privately held by the Newhouse family. The family owns about 8% of WBD stock through its previous holding in Discovery. Miron is also a director of Charter, as is another Newhouse family member, Michael Newhouse.
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