Warner Bros. Discovery Adds Tech Investor Anton Levy to Board After Activist Shareholder ‘Pressure’

variety.com:

Todd Spangler NY Digital Editor Warner Bros. Discovery announced that it intends to add Anton Levy, former head of technology at private-equity firm General Atlantic, as an independent director to its board.

Levy’s appointment came as the result of “pressure” from Sessa Capital, a hedge fund that has about a 1% stake in Warner Bros.

Discovery, the Wall Street Journal reported, citing anonymous sources. Sessa has been pushing WBD to add new board members and move more quickly on restructuring the business to potentially spin off or sell its cable networks, according to the report. (WBD and Sessa Capital reps did not respond to requests for comment.) The announcement of Levy joining the board follows WBD’s appointments of two independent directors in January: SoFi CEO Anthony Noto and Joey Levin, chairman of Angi and former CEO of Barry Diller’s IAC.

Samuel Di Piazza Jr., chairman of the Warner Bros. Discovery board of directors, said in a statement that he “appreciate[s] the engagement we have had from shareholders, including helpful input from John Petry, managing member of Sessa Capital, as part of that process.” Piazza said that Levy’s addition “is consistent with the commitment we announced in December [2024] to continue to enhance the board with industry experts with track records of value creation.