Cable TV pioneer John Malone is not seeking re-election to the board of Warner Bros Discovery and will instead take on the role of chairman emeritus, the media company said on Friday.

The cable TV pioneer lauded WBD's "incredible progress," outlook for "profitable growth" and CEO David Zaslav for "his powerful combination of operational excellence and decisive leadership."

John Malone, the shrewd and far-sighted media mogul and key ally of David Zaslav, has decided not to stand for re-election to Warner Bros. Discovery ‘s board of directors. He will instead transition to the role of chair emeritus when his term expires this year.