By Jessica Toonkel and Lauren Thomas

Warner Bros. Discovery is expanding its board following pressure from an activist shareholder, according to people familiar with the matter.

The entertainment company is adding Anton Levy, who recently stepped down as co-president of private-equity firm General Atlantic, to its board, the people said. Levy remains an advisory director at General Atlantic.

Warner's board identified Levy on its own, a person familiar with the discussions said. With the addition of Levy, Warner's board will now have 14 directors. In January, Warner added Anthony Noto, chief executive of SoFi Technologies, and Joey Levin, head of IAC, to its board.

Hedge fund Sessa Capital, which built a roughly 1% stake in the company, has been pushing it to add new board members and move faster on restructuring its business in the hopes that it might spin off or sell its cable networks, people close to the situation said.

Warner, which owns a number of TV networks including TNT, CNN, and TBS, as well as a film studio and streaming service, has been grappling with how to balance declines in its cable TV business with investments in growth areas like streaming.

In December, the company announced it was reorganizing its business to create two operating units: one focused on its legacy cable TV business and the other on streaming and studios. Warner has completed that restructuring, which it initially said would be done by the middle of 2025, a person familiar with the matter said.

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March 31, 2025 16:26 ET (20:26 GMT)

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