Ynon Kreiz named as co-CEO of combined Paramount-WBD as judge approves deal

Soon after the judge approved the settlement, David Ellison, CEO, Paramount Skydance, named Ynon Kreiz, CEO, Mattel, as co-CEO of the combined media giant.

Kreiz will join the company on 5th October. The merger deal is expected to close on 6^th October.

Ellison will focus on the company's long-term strategy, creative vision and direction, including its talent relationships, strategic partnerships, technology and capital allocation. Kreiz will focus on the company's day-to-day management and integration of the combined businesses.

Meanwhile, Paramount streaming head Cindy Holland is to leave the company, with Casey Bloys, Chairman and CEO, HBO and Max Content, set to run the combined streaming operations which is expected to reach 200 million-plus global subscribers.

The merger deal was approved earlier this year by the US Justice Department, the European Commission and dozens of other countries worldwide, but it was delayed by a lawsuit led by Rob Bonta, California’s Democratic Attorney General.

Paramount Skydance reached a deal with the states which will require the combined company to release at least 30 films a year and set up an editorial board to oversee both CNN and CBS News.

Ellison said: "Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our industry. Leading it takes a rare combination of strategic vision, operational depth and experience running a public company at the highest levels of media. Ynon brings all three. In Ynon, I'm adding a partner with strong leadership and the operating firepower this integration demands."

Kreiz has been Chairman and Chief Executive Officer of toy firm Mattel since 2018. During his tenure, Mattel's first theatrical release Barbie became the top global box office film of 2023 and Warner Bros. Pictures' highest-grossing movie of all time.

Before Mattel, Kreiz was Chairman and CEO of short-form video content Maker Studios, which was acquired by The Walt Disney Company. He was previously Chairman and CEO of Endemol Group.

The Paramount-Warner Bros merger will bring together brands including Paramount Pictures, Warner Bros. Pictures, Paramount Television, Warner Bros. Television, CBS, CBS News, CBS Sports, CNN, HBO, HBO Max, TNT, TBS, Discovery, HGTV, Food Network, Nickelodeon, Cartoon Network, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance Animation, Film, Television, Interactive/Games, and Paramount Sports Entertainment.

Kreiz said: "I'm excited to partner with David to build the next-generation media and entertainment company — bringing together premium content and iconic brands at the highest quality and scale, serving global audiences across every entertainment vertical and distribution platform. David is a unique talent and executive: a rare blend of business acumen, creative instinct, and clear vision. I very much share that vision, and I'm inspired by what we can accomplish together. The industry is at an inflection point, demanding evolution, investment, and a willingness to rethink business models.”