The cable TV pioneer lauded WBD's "incredible progress," outlook for "profitable growth" and CEO David Zaslav for "his powerful combination of operational excellence and decisive leadership."

John Malone, the shrewd and far-sighted media mogul and key ally of David Zaslav, has decided not to stand for re-election to Warner Bros. Discovery ‘s board of directors. He will instead transition to the role of chair emeritus when his term expires this year.

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,