Ynon Kreiz Named Co-CEO of Paramount as Warner Bros. Merger Nears Close
Mattel's outgoing CEO will share the top job with David Ellison at the combined Paramount–Warner Bros. Discovery, running day-to-day operations and integration.
Ynon Kreiz, the outgoing CEO of Mattel, has been named co-CEO of Paramount alongside David Ellison, effective when Paramount's merger with Warner Bros. Discovery closes. The announcement came Wednesday, shortly after a federal judge approved the antitrust settlement that cleared the deal's last hurdle.
What we know
Paramount said Ellison will remain chairman and CEO. He will lead long-term strategy, creative direction, talent relationships, strategic partnerships, technology and capital allocation.
Kreiz will focus on day-to-day management and on integrating the combined businesses. According to Variety, those businesses will report jointly to both men. The company's name has not yet been announced.
Kreiz is due to start at Paramount on Oct. 5, 2026, and will also join the board. Paramount's regulatory filings point to a merger closing on Oct. 6, according to Variety.
The judge's approval covered a settlement of the antitrust lawsuit brought by 12 state attorneys general. Both Variety and Deadline describe the deal as worth about $111 billion.
Who is Kreiz?
Mattel said earlier Wednesday that Kreiz will step down as chairman and CEO on Oct. 2 "to take a senior leadership position at another public company." He had led the toymaker for eight years, since 2018. Roger Lynch, CEO of Condé Nast, has been named his successor. Semafor reports Lynch will take over in November.
Kreiz is best known in Hollywood for Mattel's push into film, including the 2023 Warner Bros. hit Barbie, which Deadline notes earned more than a billion dollars. Before Mattel he ran Maker Studios, a YouTube-focused network that Disney acquired in 2014. He left Disney in 2016. He was also chairman and CEO of Endemol Group from 2008 to 2011.
Semafor, which reported he was joining Ellison's team, said Mattel shares fell 4% after news of his departure.
What they said
Ellison called the pairing "a division of labor built on our complementary strengths, with clear reporting lines." He said the combined company would be "creator-first, tech-forward and built to scale globally."
Kreiz said the industry is "at an inflection point" that demands investment and a willingness to rethink business models.
Gerry Cardinale of RedBird Capital, Paramount's co-controlling shareholder, praised Ellison for leading the company through two "historic acquisitions." In August 2025, Skydance Media closed its acquisition of Paramount Global.
What happens next
The new leadership takes on a heavy job. Semafor puts the combined company's debt at about $52 billion and says work to reduce it needs to begin quickly. It also says a decision on the company's new name could come as soon as Thursday, citing CNN.
Deadline says the split of duties resembles the role Jeff Shell was expected to play after Ellison took over Paramount last year. It describes Shell as having left this spring. It adds that Kreiz has a clearer, publicly defined remit.
A source told Variety that Ellison had courted Kreiz for months. Paramount described the hire as the culmination of a long-term plan to pursue both companies and then bring in a seasoned operator to integrate them.
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