Warner Bros Discovery (WBD) is set to appoint Anton Levy, an advisory director at private equity giant General Atlantic, to its board, amid mounting pressure from activist hedge fund firm Sessa Capital, according to a report by Reuters.
Sessa has been pushing for governance changes after building nearly a 1% stake in the company, and has been a vocal proponent of restructuring at WBD, as the media giant grapples with declining cable TV revenues and shifts focus toward streaming and studio operations. While the board identified Levy independently, his appointment underscores the hedge fund’s growing influence over the company’s strategy.
The board expansion follows the January addition of SoFi CEO Anthony Noto and former IAC CEO Joey Levin, as WBD seeks experienced leadership to navigate a potential split of its cable assets from its more profitable divisions. Levy, previously co-president at General Atlantic, has extensive investment experience in major tech firms such as Airbnb and Uber, which could prove valuable as WBD considers restructuring options.
Shares of WBD rose over 1% in after-hours trading following the board announcement, signalling investor optimism over the company’s evolving governance and strategic direction.
