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Warner Bros Discovery (NASDAQ:WBD) has appointed Anthony Noto, CEO of SoFi (NASDAQ:SOFI), and Joey Levin, outgoing CEO of IAC, to its board as part of ongoing corporate changes. The media giant is restructuring to separate its declining cable TV business, including CNN, from its streaming and studio operations, potentially paving the way for a spinoff or sale as cord-cutting accelerates.
Noto, joining on Jan. 8, and Levin, set to join on Feb. 1, bring significant expertise. Noto, CEO of fintech leader SoFi since 2018, previously held executive roles at Twitter, now X, where he served as COO and finance chief. Levin, transitioning to executive chairman of Angi after stepping down from IAC, has led major IAC milestones, including the IPO and spinoffs of Match Group (NASDAQ:MTCH) and Vimeo (NASDAQ:VMEO).
CEO David Zaslav praised the new directors, highlighting their track records in driving growth, innovation, and shareholder value. Their appointments follow the recent resignation of board member Li Haslett Chen.
These changes will bring Warner Bros Discovery’s board to 13 members, 12 of whom are independent. The company is positioning itself strategically to adapt to evolving media consumption trends, focusing on streaming while addressing cable TV challenges.
By aligning with leaders in fintech and digital media, Warner Bros Discovery strengthens its capabilities to navigate a rapidly shifting industry landscape. Both Noto and Levin will stand for election at the 2025 annual stockholder meeting, signaling the company’s long-term strategic focus.
This latest move underscores Warner Bros Discovery’s commitment to innovation and adaptability in an era of media transformation.
