In a move that signals a seismic shift in the leadership landscape of the global entertainment industry, Paramount has announced that Ynon Kreiz will join the company as co-CEO. Kreiz, who recently announced his decision to step down as the chief executive of Mattel after a transformative eight-year tenure, will partner with David Ellison to lead the newly expanded media titan. This leadership appointment arrives at a pivotal moment, as Paramount prepares to finalize its massive $111 billion merger with Warner Bros. Discovery, a deal that is expected to officially close on October 6, 2026.
The appointment of Kreiz is the culmination of what insiders describe as a meticulously orchestrated, long-term strategy by David Ellison. As the architect of the new Paramount, Ellison has sought to assemble a leadership team capable of navigating the complexities of one of the largest media consolidations in history. By bringing Kreiz into the fold, Ellison is securing a seasoned executive with a proven track record of managing public companies and revitalizing global brands. Under the new corporate structure, Ellison will serve as Chairman and CEO, focusing his efforts on the company’s overarching strategy, creative direction, and technological innovations. Kreiz, in his role as co-CEO, will be tasked with the monumental responsibility of overseeing day-to-day operations and managing the intricate integration of the combined Paramount and Warner Bros. Discovery businesses.
According to a statement released by Paramount on Wednesday, the partnership is designed to "join complementary skillsets to amplify results." The division of labor is intended to allow Ellison to remain at the forefront of talent relationships and creative output, while Kreiz applies his operational expertise to ensure the merged entity functions as a cohesive, efficient global platform. Kreiz is scheduled to officially begin his new role on October 5, 2026, just one day before the merger is slated to close. In addition to his executive duties, he will also take a seat on the company’s board of directors.
The announcement follows a significant legal victory for Paramount. On Wednesday, the company cleared its final regulatory hurdle when a judge approved a settlement regarding an antitrust lawsuit brought by 12 state attorneys general. This settlement was the last remaining obstacle to the $111 billion merger with Warner Bros. Discovery, paving the way for the creation of what Ellison describes as a "next-generation global media company." The merger represents a transformational moment for an industry currently grappling with shifting consumer habits and the ongoing evolution of the streaming landscape.
Sources close to the negotiations revealed that Ellison’s pursuit of Kreiz has been a deliberate and month-long endeavor. The recruitment of the Mattel chief was described by one source as "another ace up Ellison’s sleeve," providing the new Paramount with the "operating firepower" necessary to manage the integration of two of the most storied portfolios in Hollywood.
