Warner Bros. Discovery adds SoFi CEO, outgoing IAC CEO to board

(Reuters) – Warner Bros Discovery has appointed fintech giant Sophie CEO Anthony Naughton and outgoing IAC CEO Joey Levine to its board, the company said on Tuesday.

As more cable subscribers cut the cord, media giants such as CNN are restructuring to separate their shrinking cable TV businesses from streaming and studio operations.

Noto joined the board on January 8 and Levin is scheduled to join on February 1. Both will be up for election at the company’s 2025 annual shareholder meeting.

Levin will step down as CEO of media and Internet company IAC after winning a majority stake in home services division Angie, IAC said Monday. He will become the executive chairman of Angie.

Levine has served in senior roles in IAC’s mergers and acquisitions group, operations and business management groups over the past two decades. His leadership led IAC through its first IPO and subsequent awards from Match Group and Vimeo.

In the year Appointed CEO of Sofi in 2018, Noto brings four years of executive experience at Twitter, now called X, where he first served as chief financial officer before taking on the role of chief operating officer.

“Both Anthony and Joey are highly experienced leaders in their respective industries and exceptional leaders in driving growth, innovation and shareholder value,” said David Zaslav, CEO of Warner Bros. Discovery.

Last month, Warner Bros. Discovery board member Lee Haslett, the company’s nominee and member of the corporate governance committee, said Chen would step down.

After his appointment, the board has 13 directors, 12 of whom are independent.

(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Mohammad Safi Shamsi)