Zaslav, Malone Must Defend SiriusXM Restructuring Challenge

Claims that Warner Bros. Discovery CEO David Zaslav and other Sirius XM Holdings Inc. directors undermined public investors through a restructuring will advance in Delaware, a judge ruled Monday.

Chancellor Kathaleen St. Jude McCormick dismissed claims against the members of a special committee of Sirius’ board tasked with negotiating against billionaire John Malone’s Liberty Media Corp. conglomerate over the restructuring plan which resulted in the creation of spin-off SiriusXM Holdings Inc. However, she rejected arguments that while Zaslav and the other directors had admitted they weren’t independent and voted for the disputed transactions, this wasn’t enough to hold them liable. ...