(Bloomberg) -- Lions Gate Entertainment Corp., the Hollywood movie and TV studio, is shoring up its board in the wake of media magnate John Malone's decision to step down as a director.
Daniel Sanchez, Malone's nephew and a board member at Discovery Inc., and Susan McCaw, a former U.S. ambassador to Austria, have been nominated to the board. Shareholders will vote on the slate at the company's annual meeting on Sept. 11.
The shake-up follows the announcement Monday that Malone and fellow director Scott Paterson would be departing from the body -- a move that didn't stem from a disagreement over operations, policies or practices, Lions Gate said. The 77-year-old billionaire remains a top investor at the Santa Monica, California-based studio, and adding his nephew as a director would keep him closely tied to the board.
The board size will remain 13 after the changes.
To contact the reporter on this story: Anousha Sakoui in Los Angeles at asakoui@bloomberg.net
To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Timothy Annett
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