Paramount Skydance CEO David Ellison announced on Wednesday that Ynon Kreiz, outgoing CEO of Mattel, will serve as co-CEO of the combined Paramount-Warner Bros. Discovery entity. The appointment follows the $110 billion merger between the two companies, which received final approval from a federal judge on the same day.
Ellison will focus on long-term strategy, creative vision, and strategic partnerships, while Kreiz will oversee day-to-day operations and integration of the merged businesses, according to a company press release. Ellison stated in the release that Kreiz brings "a rare combination of strategic vision, operational depth and experience running a public company at the highest levels of media."
Kreiz, who led Mattel since 2018, is credited with transforming the toy company into an entertainment powerhouse. Under his leadership, Mattel produced the 2023 Barbie film, which grossed over $1.4 billion globally, though the company’s shares have declined over 24% in the past 12 months, including a 4% drop after news of his departure. Mattel’s stock also fell earlier this year after holiday sales underperformed expectations.
The merger, which combines Paramount’s film and television assets with Warner Bros. Discovery’s streaming and content libraries, is positioned as a direct response to competition from Netflix and YouTube. Analysts suggest the newly formed entity will need to streamline its operations, particularly in streaming, where the company has indicated plans to consolidate services into a single platform.
The announcement comes less than two weeks after Paramount resolved an antitrust lawsuit with a group of state attorneys general that sought to block the merger. The federal judge’s order on Wednesday allowed the deal to proceed. Kreiz will begin his role at Paramount on Monday, according to company communications.
The merger’s success hinges on the integration of two large, complex organizations with distinct corporate cultures and operational structures. Analysts highlight the challenge of merging streaming services, talent relationships, and capital allocation strategies while maintaining creative and financial momentum. The combined entity will need to address questions about pricing, content diversity, and technological innovation to compete effectively in a rapidly evolving media landscape.