In a move that reflects the intense scrutiny on the newly merged media behemoth, Warner Bros. Discovery has taken a step to appease activist shareholders: appointing tech investor Anton Levy to its board of directors. As the two companies continue to grapple with the challenges of a rapidly changing media landscape, Levy’s addition signals a push for innovation and strategic reform. The decision comes amidst mounting pressure from activist investors who have been pressing for significant changes at the merged entity.
Boardroom Shake-Up
Warner Bros. Discovery has made a significant move in response to pressure from activist shareholder Sessa Capital, announcing the addition of tech investor Anton Levy to its board of directors. This development comes after Sessa Capital, which holds approximately 1% of Warner Bros. Discovery’s shares, pushed for changes to the company’s board and restructuring of its business.
Sessa Capital’s efforts have been focused on urging Warner Bros. Discovery to spin off or sell its cable networks, as part of a larger strategy to improve the company’s performance and unlock value for shareholders. The hedge fund’s pressure has led to Warner Bros. Discovery taking steps to revamp its board, with Levy’s appointment being the latest move in this direction.
Anton Levy: A Tech Expert Joins the Board
Anton Levy brings a wealth of experience and expertise to Warner Bros. Discovery’s board, having spent over two decades in the tech industry. Most recently, Levy served as the co-president and chairman of global technology at private-equity firm General Atlantic, before stepping down in January 2025.
Levy’s impressive track record of value creation and significant investing experience make him an attractive addition to Warner Bros. Discovery’s board. During his time at General Atlantic, Levy led many of the firm’s largest investments in leading technology companies, including Airbnb, Alibaba Group, Crowdstrike, Facebook, Klarna AB, Mercado Libre, Slack, Snapchat, Squarespace, and Uber.
Background and Experience
Levy began his career at General Atlantic in 1998, rising through the ranks to become one of the firm’s most senior leaders. He holds a bachelor’s degree from the McIntire School of Commerce at the University of Virginia and an MBA from the Columbia Business School.
Implications for Warner Bros. Discovery
The addition of Anton Levy to Warner Bros. Discovery’s board is a significant development, with implications for the company’s strategy and direction. Levy’s expertise in the tech industry and experience in driving value creation will be valuable assets as Warner Bros. Discovery seeks to improve its performance and respond to the evolving media landscape.
Warner Bros. Discovery has committed to continuing to enhance its board with industry experts, and Levy’s appointment is a key step in this process. The company’s CEO, David Zaslav, has stated that Levy will bring “valuable perspectives” to the board, as Warner Bros. Discovery seeks to drive long-term value for shareholders.
Compensation and Terms
For his service on the board, Levy will receive $240,000 in stock retainers and $105,000 in cash retainers, in accordance with Warner Bros. Discovery’s current compensation program for non-employee directors.
Warner Bros. Discovery Adds Tech Investor Anton Levy to Board After Activist Shareholder ‘Pressure’
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, according to the Wall Street Journal.
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.”
Alignment with WBD’s Strategy
Levy’s appointment aligns with WBD’s strategy to drive long-term value for shareholders. The company has been under pressure from activist shareholders to restructure its business and potentially spin off or sell its cable networks. Sessa Capital has been pushing WBD to add new board members and move more quickly on restructuring the business.
- WBD’s commitment to enhancing its board with industry experts with track records of value creation is part of its strategy to unlock value for shareholders.
- Levy’s significant investing experience and exceptional track record of value creation make him an attractive addition to the board.
Compensation and Career Highlights
Levy will receive $240,000 in stock retainers and $105,000 in cash retainers for his service on the WBD board, according to an SEC filing. He began his career at General Atlantic in 1998 and received a bachelor’s degree from the McIntire School of Commerce at the University of Virginia and an MBA from the Columbia Business School.
Levy led many of General Atlantic’s biggest investments in leading technology companies, including Airbnb, Alibaba Group, Crowdstrike, Facebook, Klarna AB, Mercado Libre, Slack, Snapchat, Squarespace, and Uber. He is currently an advisory director at General Atlantic, after stepping down in January 2025 as the firm’s co-president and chairman of global technology.
Executive Perspectives
David Zaslav, president and CEO of Warner Bros. Discovery, said regarding Levy’s appointment to the board, “We continue to move forward with urgency to improve performance and position our businesses for success over the near- and long-term amid the evolving industry landscape. We are confident that Anton will add valuable perspectives as we continue to take steps to drive long-term value for shareholders.”
Di Piazza Jr. added, “We look forward to working with Anton as we continue to oversee the execution of Warner Bros. Discovery’s strategy to unlock value for shareholders.”
Conclusion
In a move widely seen as a response to activist shareholder pressure, Warner Bros. Discovery has appointed tech investor Anton Levy to its board of directors. The addition of Levy, a seasoned veteran of the tech industry, is significant given the company’s ongoing efforts to modernize its operations and navigate the rapidly changing media landscape. As Variety reports, Levy’s appointment is seen as a bid to bring fresh expertise and perspectives to the board, potentially helping to drive growth and innovation at the company.
The implications of Levy’s appointment are far-reaching, and will likely be closely watched by industry observers and analysts. As Warner Bros. Discovery continues to grapple with the challenges of a rapidly shifting media landscape, the company’s ability to adapt and innovate will be crucial to its long-term success. With Levy’s expertise and insight on the board, the company may be better positioned to stay ahead of the curve and capitalize on emerging trends and opportunities. As the media landscape continues to evolve, it will be interesting to see how Levy’s appointment plays out and what impact it has on the company’s future direction.
Ultimately, Warner Bros. Discovery’s decision to appoint Anton Levy to its board of directors is a significant development that speaks to the company’s commitment to innovation and progress. As the media landscape continues to shift and change at a rapid pace, it is clear that companies must be willing to adapt and evolve in order to stay ahead of the curve. With Levy’s expertise and insight on the board, Warner Bros. Discovery is well-positioned to navigate these changes and emerge stronger and more resilient in the years to come.