Ellison Taps Mattel's Ynon Kreiz as Co-CEO of Paramount-WBD

Paramount Skydance CEO David Ellison has named outgoing Mattel chief Ynon Kreiz as his co-CEO of the anticipated combination of Paramount and Warner Bros. Discovery, according to a Wednesday press release.

The split of duties is explicit. Ellison will handle long-term strategy, while Kreiz runs operations and the integration of the two businesses.

"Ellison will focus on the company's long-term strategy, creative vision and direction, including its talent relationships, strategic partnerships, technology and capital allocation," Paramount stated in the release. "Kreiz will focus on the company's day-to-day management and integration of the combined businesses."

The announcement lands less than two weeks after Paramount settled an antitrust lawsuit with a group of state attorneys general who had sought to block the $110 billion merger. A federal judge entered an order on Wednesday allowing the deal to close.

Kreiz arrives with a public-company track record that Ellison framed as central to the hire.

"Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our industry," Ellison said in the release. "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."

The Mattel departure came first. Earlier on Wednesday, Mattel announced Kreiz was leaving after eight years as CEO. His tenure included major corporate transformations and the release of "Barbie," the highest-grossing domestic film release of 2023.

The pairing signals how Ellison intends to run the combined entity: a two-person structure pitched as "one team," with creative and capital decisions concentrated in Ellison's hands and execution delegated to a tested operating executive. The mandate ahead is considerable — merging two media organizations while the regulatory path has only just cleared.