Paramount named outgoing Mattel CEO Ynon Kreiz co-CEO of its soon-to-be-merged company with Warner Bros. Discovery on Sept. 30, setting up a power-sharing arrangement with Chairman and CEO David Ellison. Kreiz starts Oct. 5 and joins the board, and the $111 billion merger is expected to close Oct. 6, according to Paramount regulatory filings cited by Variety.
The announcement came minutes after a federal judge approved the companies’ antitrust settlement with 12 state attorneys general, Deadline reported. That ruling cleared the last hurdle for the Paramount-WBD merger.
How Ellison and Ynon Kreiz will split the job
Paramount laid out a clear division of duties. “Ellison will focus on the company’s long-term strategy, creative vision and direction, including its talent relationships, strategic partnerships, technology and capital allocation,” the company said. “Kreiz will focus on the company’s day-to-day management and integration of the combined businesses.”
The combined company’s businesses, which do not yet have a name, will report jointly to both men, according to Variety.
Ellison called it “a division of labor built on our complementary strengths, with clear reporting lines.” He added, “Together we’ll build one integrated company that is creator-first, tech-forward and built to scale globally.”
Kreiz said he looks forward to working with the leadership team “to build a cohesive global entertainment platform — one that stands out with best-in-class operations and execution powered by technology, with unparalleled creative relationships, production capabilities, and global reach.”
Why a co-CEO model
Deadline noted that Netflix has had success with co-CEOs Ted Sarandos and Greg Peters, and that Comcast and Spotify have adopted similar structures. Given the size of the combined company, Ellison chose to divide the top job with Ynon Kreiz.
The day-to-day role Ynon Kreiz is taking on resembles the one Jeff Shell held as Paramount president after Ellison’s Skydance took over in August 2025, according to Deadline. Shell left the company in April. Unlike Shell, Ynon Kreiz arrives with a more clearly defined mandate, the outlet reported.
RedBird Capital Partners founder Gerry Cardinale, a Paramount board member, praised the hire. Kreiz “understands not just how fans connect with the IP they love, but the economics that make entertainment endure,” he said.
Ynon Kreiz’s track record
Kreiz is leaving Mattel after eight years as CEO. During his tenure, Mattel Studios released its first theatrical film, “Barbie,” starring Margot Robbie. It was the top film at the global box office in 2023 and remains Warner Bros. Pictures’ highest-grossing movie, according to Variety. Mattel also credits him with taking the No. 1 global spot in dolls, vehicles and infant, toddler and preschool toys.
Before Mattel, he was chairman and CEO of Maker Studios, the YouTube-focused network Disney bought in 2014, and led Endemol Group from 2008 to 2011. He also co-founded Fox Kids Europe. Condé Nast CEO Roger Lynch will succeed him at Mattel, as we reported in our story on the Mattel CEO shake-up.
What’s next
Kreiz leaves Mattel Oct. 2 and joins Paramount on Oct. 5, the day before the deal is expected to close. Other leadership moves are already taking shape, with HBO’s Casey Bloys set to oversee the combined streaming business.
