Paramount disclosed Wednesday that Ynon Kreiz, who is leaving his role as chairman and chief executive of Mattel, will become co‑chief executive of the combined Paramount‑Warner Bros. Discovery entity. Kreiz is scheduled to start on October 5, 2026, and will also take a seat on the new company’s board of directors.
Roles and responsibilities
David Ellison, Paramount’s chairman and CEO, will retain overall responsibility for strategy, creative direction, technology and capital allocation. Kreiz, as co‑CEO, will manage the day‑to‑day operations of the merged business and lead the integration of the two legacy companies. Both executives will jointly supervise the combined organization, which has not yet been named.
Merger timeline and regulatory clearance
The appointment follows the final regulatory step for the $111 billion merger of Paramount with Warner Bros. Discovery. A federal judge approved the settlement of an antitrust lawsuit brought by twelve state attorneys general, clearing the path for the transaction to close on October 6, according to Paramount’s filings.
Background on Ynon Kreiz
Kreiz spent eight years at the helm of Mattel, where he was credited with expanding market share in key toy categories and overseeing the release of the 2023 blockbuster “Barbie,” the top‑grossing film of the year and Warner Bros. Pictures’ highest‑earning title ever. Prior to Mattel, he led Maker Studios, a YouTube‑focused network acquired by Disney in 2014, and held senior positions at Endemol Group, Balderton Capital and Fox Kids Europe.
Mattel announced that Kreiz will step down as chairman and CEO effective October 2, citing his move to a senior leadership role at another public company. Condé Nast CEO Roger Lynch has been named Mattel’s incoming chief executive.
Strategic rationale
Paramount’s announcement framed Kreiz’s hiring as the culmination of a long‑term plan to pair Ellison’s strategic vision with an executive experienced in operational depth and public‑company leadership. Ellison’s memo to employees highlighted the need for a partner who could handle the “integration, operationalize and manage the businesses” as the merged entity seeks to become a “next‑generation global media company.”
Gerry Cardinale, founder of RedBird Capital Partners—Paramount’s co‑controlling shareholder and board member—praised the move, noting that Kreiz’s career has been at the intersection of media, technology and franchise building. Cardinale added that Ellison has already overseen two historic acquisitions, including Skydance Media’s purchase of Paramount Global in August 2025, and is now positioned to meet synergy targets and financial metrics.
In a statement, Kreiz expressed enthusiasm for the partnership, emphasizing the goal of creating a cohesive global entertainment platform that leverages technology, creative relationships and worldwide reach. He described the media landscape as being at an “inflection point” that demands evolution, investment and new business‑model thinking.
Leadership team shaping up
Alongside Kreiz, other senior appointments are taking shape. Casey Bloys, head of HBO at Warner Bros. Discovery, is expected to oversee the combined streaming business after Cindy Holland announced her departure from the Paramount+ and direct‑to‑consumer leadership role.
The combined company, still awaiting a final brand name, will report jointly to Ellison and Kreiz, reflecting a “division of labor built on complementary strengths,” as Ellison described. The leadership structure is designed to keep Ellison focused on long‑term strategy and creative direction while Kreiz handles operational execution and integration.
With the merger set to close on October 6, the appointment of Kreiz signals Paramount’s confidence that the new entity will be equipped to compete in a rapidly consolidating media environment, blending premium content, iconic brands and technology‑driven distribution to serve global audiences across all entertainment verticals.
Helene Elliott is the Lead Science & Space Reporter at News Raise. She reports on aerospace missions, astrophysics discoveries, quantum research, and environmental technology.
