Ynon Kreiz, who is stepping down as CEO of Mattel after eight years, will join David Ellison’s Paramount, which is expected to close its megamerger with Warner Bros. Discovery on Oct. 6, as co-CEO of the new company, Paramount announced. As president and CEO, Ellison will lead all strategic, creative and technology functions. Kreiz, as co-CEO, will oversee the company’s daily operations and the integration of the combined businesses. They are a “couple who bring together complementary skill sets to amplify results,” Paramount said in announcing the appointment Wednesday. The businesses of the combined company (whose name has not yet been announced) will report jointly to Ellison and Kreiz. Kreiz will begin at Paramount on October 5, 2026 as co-CEO. He will also join the company’s board of directors. News of Kreiz’s hiring came shortly after Paramount took the final step before it could close its $111 billion Warner Bros. Discovery merger when a judge approved the company’s settlement of the antitrust lawsuit filed by 12 state attorneys general. The merger is expected to close on October 6, according to Paramount regulatory filings. Ellison’s appointment of Kreiz “culminates a long-term plan: pursue both Paramount and Warner Bros. Discovery, then partner with a leading executive of his caliber to integrate, operationalize and manage the businesses while building one of the most ambitious next-generation media companies in the industry’s history,” according to Paramount’s announcement. A source close to the situation told Variety that Ellison’s courtship of Kreiz has been in the works for months and was “another ace up Ellison’s sleeve.” Ellison said in a statement: “Bringing Paramount and Warner Bros. Discovery together to create a next-generation global media company is a transformative moment for our industry. Leading it requires a rare combination of strategic vision, operational depth and experience running a public company at the highest levels of media. Ynon brings together all three. In Ynon, I’m adding a partner with strong leadership and the operational firepower this integration demands. It’s a division of labor built on our complementary strengths, with reporting lines. and allows me to focus on where I can contribute the most: the long-term strategy, the overall creative direction of the company, talent relationships, strategic partnerships, technology and capital allocation. We are like-minded, we see this business the same way and there is no one I would rather partner with. Together we will build an integrated company that puts creators first, advances technology and is built for global scale. Kreiz said in a statement provided by Paramount: “I am excited to partner with David to build the next generation media and entertainment company, bringing together premium content and iconic brands of the highest quality and scale, serving global audiences across all entertainment distribution and vertical platforms. David is a unique talent and executive – a rare combination of business acumen, creative instinct and a clear vision. I greatly share that vision and am inspired by what we can achieve together. The industry is at an inflection point, which demands evolution, investment and a “I am willing to rethink business models. I look forward to working with the leadership team to build a cohesive global entertainment platform, one that stands out with best-in-class technology-driven operations and execution, with unparalleled creative relationships, production capabilities and global reach. We will continue to empower creators, make this company a new arena for innovation and storytelling, and collaborate with key partners to reach and engage fans around the world.” Gerry Cardinale, founder and managing partner of RedBird Capital Partners, a co-controlling shareholder of Paramount and a member of its board of directors, praised Ellison’s ability to lead the company through two “landmark acquisitions.” In August 2025, Skydance Media closed the deal to acquire Paramount Global. Cardinale added that, at the same time, Ellison has been “leading the business and building a team that is already exceeding our synergy goals, exceeding our financial metrics and never wavering in our commitment to the creative community.” Mattel announced earlier Wednesday that Kreiz will step down as president and CEO, effective Oct. 2, “to take a senior leadership position at another public company.” Roger Lynch, CEO of Condé Nast, has been named Mattel’s next CEO. of media, is the former president and CEO of Maker Studios, a YouTube-oriented digital content network acquired by Disney in 2014. Kreiz left Disney in 2016 and joined Mattel in 2018. From 2008 to 2011, he served as president and CEO of Endemol Group, and before that he was general partner at venture capital firm Balderton Capital (formerly Benchmark Capital Europe) from 2005 to 2007. Earlier in his career, Kreiz co-founded and served as president and CEO of Fox Kids Europe. Mattel has credited Kreiz with increasing its market share in key toy categories, ranking No. 1 globally in dolls, vehicles and baby, toddler and preschool segments. Mattel also noted that Kreiz oversaw Mattel Studios’ first theatrical release, “Barbie,” starring Margot Robbie, which was Mattel’s highest-grossing film worldwide. 2023 and has remained Warner Bros. Pictures’ highest-grossing film of all time. Said Cardinale: “Ynon has spent his career at the intersection of media, technology and franchise creation, combining extraordinary storytelling with technology to deliver it to fans everywhere. He understands not only how fans connect with the intellectual property they love, but also the economics that make entertainment last. Great leaders achieve great things. Historicists know when to hire the right partner to make it last, and that’s what David has done. That’s exactly why the company will have the operational firepower and cutting-edge leadership to win.” Along with Kreiz, the leadership of the Paramount-WBD combination is already taking shape. WBD’s HBO head Casey Bloys is set to take over oversight of the combined Paramount-Warner Bros. streaming business after Cindy Holland announced Tuesday that she would step down from her role leading Paramount+ and other direct-to-consumer services.
