Media conglomerate Warner Bros. Discovery (WBD) has strengthened its board by appointing Anthony Noto, CEO of fintech giant SoFi Technologies (SOFI), and Joseph Levin, outgoing CEO of IAC, an Internet media company. These appointments follow the departure of Li Haslett Chen, CEO of a digital marketplace platform, Howl, from WBD’s board, effective January 31. With the addition of Levin and Noto, the WBD’s board will comprise 13 directors, 12 of whom are independent.
Stay Ahead of the Market:
- Discover outperforming stocks and invest smarter with Top Smart Score Stocks
- Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener
It is worth noting that Noto joined the board on January 8 and brings vast experience in finance and technology. Before leading SoFi, he served as CFO and COO at Twitter and held senior positions at Goldman Sachs (GS) and the National Football League.
Meanwhile, Levin, who will join the board on February 1, has experience in the technology and media sectors. During his tenure at IAC, he took care of mergers and acquisitions, operations, and business management.
Board Changes Come amid WBD’s Restructuring Efforts
The company is making these board adjustments as part of its broader restructuring strategy. WBD is exploring the potential sale or spin-off of its cable TV businesses, such as CNN, to focus on its streaming and studio operations.
These appointments reflect WBD’s efforts to enhance its leadership and drive further growth across its diverse portfolio of businesses. Moreover, it helps boost investor confidence and reflects WBD’s commitment to strengthen its governance structure.
Is WBD a Good Buy?
Turning to Wall Street, WBD stock has a Moderate Buy consensus rating based on eight Buys and 10 Holds assigned in the last three months. At $12.37, the average Warner Bros. price target implies a 27.13% upside potential. Shares of the company have gained 31.2% over the past six months.
