Paramount names Mattel CEO Ynon Kreiz co-CEO alongside David Ellison

Paramount Chairman and CEO David Ellison announced on Wednesday that Mattel CEO Ynon Kreiz will join him as co-CEO of the combined Paramount and Warner Bros. Discovery media giant. The leadership shakeup arrives as the massive media merger races toward completion following a legal battle with state regulators. Under the agreed structure, Ellison will guide long-term strategy, creative direction, talent relationships, strategic partnerships, technology, and capital allocation. Meanwhile, Kreiz will manage daily operations and oversee the complex integration of the merging entities.

The appointment follows a federal judge's Wednesday approval of Paramount's settlement with California and 11 other state attorneys general who had previously sought to block the transaction on antitrust grounds. With the legal hurdles cleared, Ellison anticipates that the multi-billion-dollar deal will close in early October.

Media additions

Industry observers note that bringing in an experienced public company chief executive makes strategic sense as the company prepares to meld legacy Hollywood studios, television networks, and streaming services. A senior television executive told the New York Post that the hiring fills a managerial gap left after former NBCUniversal executive Jeff Shell exited prior to the merger's finalization. Gerry Cardinale, founder and managing partner of merger backer RedBird Capital Partners, praised the decision, stating that historic leaders recognize when to bring in the right partner to ensure lasting success.

Kreiz led Mattel starting in 2018, steering the toy manufacturer through the COVID-19 pandemic and trade tariff pressures while pushing the brand into film and television production under his tenure. His leadership included overseeing the cinematic release of Barbie, which finished as the highest-grossing worldwide film of 2023. Prior to his time at the toymaker, Kreiz held chief executive roles at Maker Studios and Endemol Group, and co-founded Fox Kids Europe according to company histories.

However, analysts note that Kreiz's tenure at Mattel also encountered operational hurdles and stagnant sales growth following the initial cinematic success of its flagship doll as noted by market observers. Mattel recently reported financial headwinds, including a fiscal second-quarter net loss, alongside a box office disappointment with its summer release Masters of the Universe. Concurrently, Mattel announced that Condé Nast CEO and board member Roger Lynch will take over as its new chief executive effective October 2.

The consolidation brings together a vast catalog of properties and distribution channels. The combined corporate portfolio unites Paramount Pictures, Warner Bros. Pictures, CBS, CNN, HBO, HBO Max, Paramount+, MTV, TBS, TNT, Comedy Central, Food Network, Discovery, HGTV, Nickelodeon, Cartoon Network, BET, Showtime, and Pluto TV. Additional leadership adjustments are underway across the enterprise as executive teams realign ahead of the formal closing.

As part of the antitrust settlement approved by U.S. District Judge Araceli Martinez-Olguin, Paramount committed to specific production minimums in the United States. The company agreed to invest a minimum of $300 million per year over five years—totaling $1.5 billion—into domestic film and television production. Furthermore, the studio must release at least 30 films theatrically annually during the first two years, increasing to 32 theatrical releases per year for the subsequent three years.

What to Watch Next

• The formal closing of the merger, expected in early October.
• The anticipated release of the combined company's full organizational structure and studio leadership teams by David Ellison.
• Transitions in streaming leadership, including the expected oversight of streaming operations by HBO content chief Casey Bloys following the departure of Paramount streaming executive Cindy Holland.
• Roger Lynch stepping into his new responsibilities at Mattel.

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