David Ellison Taps Mattel’s Ynon Kreiz to Be Co-CEO of Merged Paramount-Warner Bros. - Variety

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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 mega-merger with Warner Bros. Discovery on Oct. 6 — as co-CEO of the new company, Paramount announced.

As chairman and CEO, Ellison will lead all strategy, creative and technology functions. Kreiz, as co-CEO, will oversee the company’s day-to-day operations and integration of the combined businesses. It’s a “pairing that joins complementary skillsets 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 both Ellison and Kreiz.

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Kreiz will start at Paramount on Oct. 5, 2026, as co-CEO. He also will join the company’s board of directors.

News of Kreiz’s hiring came shortly after Paramount cleared the final step before it could close the $111 billion Warner Bros. Discovery merger when a judge approved the company’s settlement of the antitrust lawsuit brought by 12 state attorneys general. The merger is expected to close Oct. 6, according to Paramount regulatory filings.

Ellison’s appointment of Kreiz “caps 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 as they build one of the most ambitious next-generation media companies in the industry’s history,” according to Paramount’s announcement.

One source close to the situation told Variety said that Ellison’s courting of Kreiz has been in the works for months and was “another ace up Ellison’s sleeve.”

Ellison, in a companywide memo Wednesday about Kreiz’s appointment, wrote, “We still have work to do before the [Warner Bros.] deal closes, and nothing changes until it does. But I wanted you to hear this from me first. I hope you're as excited as I am to welcome Ynon to our leadership team.”

Ellison said in a statement: “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. It’s a division of labor built on our complementary strengths, with clear reporting lines and it lets me focus where I can contribute most: long-term strategy, the company’s overall creative direction, talent relationships, strategic partnerships, technology and capital allocation. We’re like-minded, we see this business the same way and there’s no one I’d rather partner with. Together we’ll build one integrated company that is creator-first, tech-forward and built to scale globally.”