WarnerMedia CEO John Stankey noted in a separate memo that "it was a decision made with the best, long-term interests of the Company, our employees and our partners in mind."

"Kevin has acknowledged that his mistakes are inconsistent with the Company's leadership expectations and could impact the Company's ability to execute going forward," wrote Stankey.

Tsujihara has worked for Warner Bros. over the past 25 years. He became CEO of the company in March 2013, and chairman in December the same year. As a Japanese American, Tsujihara was the first top executive of Asian descent to head a major Hollywood studio.

Ranked only second to Disney, Warner Bros. earned around 5.6 billion U.S. dollars in ticket sales in 2018, the biggest year for the company at the worldwide box office.

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