Facebook COO Sheryl Sandberg and Twitter CEO Jack Dorsey won't seek re-election to Disney's board of directors due to mounting potential conflicts of interest, the company said on Friday.

Bottom line: With Disney's acquisition of 21st Century Fox's entertainment assets, the company's position in news and television is uncomfortably overlapping with the social media companies' business interests in those areas.

More: Robert Matschullat, former Seagram Company vice chairman, and Orin Smith, former CEO of Starbucks Corp, will also leave the board due to limits on terms and retirement age requirements.