Just minutes after a federal judge signed the antitrust settlement agreement Wednesday between Paramount, Warner Bros. Discovery and a dozen blue-state attorneys general, David Ellison named Ynon Kreiz co-CEO of his growing media giant.
In a statement, Paramount said the former Mattel CEO would assume his new role upon completion of the deal, expected early next week.
Kreiz, who announced his departure from Mattel earlier Wednesday, was already talking with Ellison about a high-level management position at ParaBros — but the co-pilot position didn’t always seem to be in the cards. That said, given Netflix’s success with co-CEOs Ted Sarandos and Greg Peters and Comcast and Spotify following suit in the structure, Ellison saw fit to divide responsibilities given the scope of the new entity.
“Ellison will focus on the long-term strategy, creative vision and direction of the company, including its talent relationships, strategic partnerships, technology and capital allocation,” Paramount said. “Kreiz will focus on the day-to-day management of the business and the integration of the combined businesses. »
The second half of the above sounds a lot like the job Jeff Shell thought Ellison would do as chairman when the Skydance founder took over Paramount in August 2025. However, unlike Shell, who left under a cloud last April, Kreiz has full support and a fuller definition of what’s expected of him.
“Bringing Paramount and Warner Bros. Discovery together to create a next-generation global media company is a transformative moment for our industry,” Ellison said in a statement.
“Leading it requires a rare combination of strategic vision, operational depth and experience running a public company at the highest levels of media,” he added of the new co-CEO position. “Ynon brings all three. With Ynon, I add a partner with strong leadership and the operational firepower this integration demands. It is a division of labor built on our complementary strengths, with clear reporting lines and it allows me to focus where I can contribute most: 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 company the same way and there is no one I would rather partner with. Together we will build an integrated company that is creator-first, technologically advanced and designed to scale globally.
Having helped the shepherd barbie to a billion-dollar-plus big-screen hit at Warner Bros. in 2023, former Mattel bigwig Kreiz also had his own version of that “next generation” slogan today.
“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 global audiences across all entertainment sectors and distribution platforms,” he said.
Before taking the reins at Mattel in 2018, Kreiz led Maker Studios as CEO before its acquisition by Disney and also led Endemol Group and Fox Kids Europe.
Ellison “is a unique talent and leader: a rare blend of business acumen, creative instinct and clear vision,” Kreiz continued. “I wholeheartedly share this vision and am inspired by what we can accomplish together. The industry is at an inflection point, demanding 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, with unparalleled creative relationships, production capabilities and global reach. We will continue to empower creators, to establish this company as a new ground for innovation and storytelling, and to collaborate with key partners to reach and engage fans around the world.
Gerry Cardinale, Paramount’s in-house Cardinal Richelieu, had something to say about Ellison’s path to H’wood mogul and the new direction of ParaBros.
The RedBird Capital Partner founder and Paramount board member, who was a key architect of the Skydance-Paramount deal as well as the WBD tie-up, praised Ellison and Kreiz in a statement.
“David did what few modern leaders have accomplished,” said the founder of RedBird Capital Partner. “He has led this company through not one but two historic acquisitions, while leading the company 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.
A member of Paramount’s board of directors and chief advisor to Oracle founder Larry Ellison’s son, Cardinale was a key architect of the Skydance-Paramount deal as well as the now successful combination with WBD.
Welcoming Kreiz’s addition to the evolving team, Cardinale said the former Mattel executive “has spent his career at the intersection of media, technology and franchise building – combining extraordinary storytelling with technology to deliver to fans around the world. He understands not only how fans connect to the intellectual property they love, but also the economics that keep entertainment alive. Great leaders accomplish great things. Historic leaders know when to bring in the right partner to make it last – and that’s what David did. That’s exactly why the company will have the operational firepower and industry-leading leadership to win.
Lot Paramount and Warner Bros.
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