Media mogul John Malone is stepping down as director emeritus at cable giant Charter Communications.
Malone said in a statement that he made the decision because of concerns about the Clayton Act, the 1914 antitrust law that the Justice Department uses to launch some investigations.
“I have left my position as Director Emeritus at Charter due to the uncertainty surrounding the Clayton Act inquiries,” Malone said in a statement. “I remain heavily invested in Charter through Liberty Broadband – which maintains its three board seats – and I am confident in Charter’s leadership team and business strategy.”
Malone remains on the board of his holding company Liberty Media, where he serves as chairman, as well as on the board of directors of Warner Bros. Television. Discovery. Malone has been director emeritus at Charter since 2018 when he officially retired as full-time director of the cable company.
Malone’s resignation comes just weeks after two members of the Newhouse family — Steve Miron and Steven Newhouse — resigned from WBD’s board of directors, citing the Justice Department’s investigation into the Clayton Act. Section 8 of the Clayton Act addresses corporate directors who simultaneously serve on the boards of competing companies.
According to a statement from the Department of Justice, the agency viewed the charter as a competitor to WBD. “Charter, through its Spectrum cable service, and WBD, including through its Max streaming subscription services, provide video distribution services to consumers,” the Justice Department said.
Cablefax first reported Malone’s exit from the charter.
