Ynon Kreiz, who is leaving 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 October 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 day-to-day operations and the integration of the combined businesses. It’s a “pairing that brings together complementary skills to amplify results,” Paramount said in announcing the appointment Wednesday. Operations of the combined company (whose name has not yet been announced) will be jointly managed by Ellison and Kreiz.
Kreiz will start 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 the Warner Bros. merger. Discovery of $111 billion when a judge approved the company’s settlement of the antitrust lawsuit brought by 12 state attorneys general. The merger is expected to be finalized on October 6, according to Paramount regulatory filings.
Ellison’s appointment of Kreiz “caps a long-term plan: to 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.
A source close to the matter said Variety said Ellison’s court in Kreiz had 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 all three together. In Ynon, I add a partner with strong leadership and the operational firepower that this integration demands. It is a division of labor built on our strengths complementary, with clear reporting lines and it allows me to focus where I can contribute most: long-term strategy, overall creative direction of the company, relationships with talent, strategic partnerships, technology and capital allocation We are like-minded, we see this company the same way and there is no one I would rather collaborate with, we will build an integrated company focused on creators, forward-thinking and designed to scale on a global scale.
Kreiz said in a statement provided by Paramount: “I am thrilled to partner with David to build a next-generation media and entertainment company, bringing together premium content and iconic brands of the highest quality and scale, serving a global audience across all entertainment sectors and distribution platforms. David is a unique talent and leader: a rare blend of business acumen, creative instinct and clear vision. I fully share that vision and am inspired by what we can accomplish together. The industry is at an inflection point, requiring evolution, investment and a willingness to rethink business models. I look forward to working with the leadership team to build a cohesive global entertainment platform – one that is distinguished by best-in-class operations and execution powered by technology.
Mattel announced earlier Wednesday that Kreiz would step down as chairman and CEO, effective Oct. 2, “to take a senior management position at another public company.” Roger Lynch, CEO of Condé Nast, has been named the next CEO of Mattel.
Kreiz, a media veteran, is the former chairman and CEO of Maker Studios, a YouTube-focused digital content network acquired by Disney in 2014. Kreiz left Disney in 2016 and joined Mattel in 2018. From 2008 to 2011, he was chairman and CEO of Endemol Group, and before that he was a general partner at venture capital firm Balderton Capital (formerly Benchmark Capital Europe) 2005 to 2007. Earlier in his career, Kreiz co-founded and served as Chairman and CEO of Fox Kids Europe.
Mattel credited Kreiz with increasing its market share in major toy categories, ranking first globally in the doll, vehicle and infant, toddler and preschool segments. Mattel also noted that Kreiz oversaw Mattel Studios’ first theatrical release, “Barbie” starring Margot Robbie, which was the best-selling film at the global box office of 2023 and became Warner Bros.’ highest-grossing film of all time.
Alongside Kreiz, the direction of the Paramount-WBD partnership is already taking shape. Casey Bloys, head of HBO at WBD, is set to take over oversight of the combined Paramount-Warner Bros. streaming business. after Cindy Holland announced Tuesday that she was stepping down from her role leading Paramount+ and other direct-to-consumer services.
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