Prime Highlights
- Ynon Kreiz will join David Ellison as co-CEO of the combined Paramount and Warner Bros. Discovery.
- Paramount says the merger is expected to close in the first week of October.
Key Facts
- Kreiz will manage day-to-day operations and integration of the combined businesses while also joining the board.
- The proposed Paramount-Warner Bros. Discovery transaction is valued at about $110 billion.
Background
Paramount Skydance CEO David Ellison has appointed outgoing Mattel CEO Ynon Kreiz as co-CEO of the planned combination of Paramount and Warner Bros. Discovery. The move comes as the companies prepare to complete their proposed $110 billion merger.
Kreiz will become co-CEO when the merger closes and will also join the company’s board. The two executives will lead the combined business together, with different responsibilities. Ellison will oversee long-term strategy, creative direction, talent relationships, technology, partnerships and capital allocation.
Kreiz will handle the company’s daily operations and help integrate Paramount and Warner Bros. Discovery. Ellison said Kreiz brings strategic experience, operational knowledge and experience in leading a public company.
The appointment follows a major legal development for the merger. Earlier in September, Paramount settled an antitrust lawsuit brought by a group of state attorneys general seeking to stop the transaction. A federal judge subsequently issued an order allowing the merger to proceed.
Paramount said the merger is scheduled to close in the first week of October. The transaction is expected to create one of the largest global media companies and marks a major expansion of Ellison’s media business.
Kreiz is leaving Mattel after eight years as CEO. During his tenure, he led several major changes at the toy company and oversaw the development and release of Barbie, which became the highest-grossing domestic film of 2023.
The merger effort has followed months of competition and legal challenges. Ellison first pursued Warner Bros. Discovery in September 2025 and later faced competition from Netflix before the deal moved toward completion.