WBD is suffering from declining revenues and a sluggish linear advertising market. Despite an expanded partner base, these should keep investors on the sidelines.

Warner Bros. Discovery has named attorney Daniel E. Sanchez, the nephew of John Malone, to its board, effective Oct. 1. The board had voted at its last meeting to expand to 12 directors. Sanchez will stand for election at the 2025 annual shareholders meeting next summer. WBD said he was added as an independent director.

Malone is a major shareholder in a number of media-related companies, including the Liberty companies (which control SiriusXM, Formula 1, the Atlanta Braves and other properties) as well as Charter Communications. He is also a mentor to WBD CEO David Zaslav.

Warner Bros. Discovery faces declining earnings and challenges with debt amid reduced TV viewership and loss of NBA rights, impacting profitability. See more here.

Daniel E. Sanchez will join Warner Bros. Discovery's Board of Directors, effective Oct. 1, the company announced on Wednesday