In a statement reflecting on the new partnership, Ellison emphasized the necessity of a dual-leadership approach for a project of this scale. "Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our industry," Ellison said. "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." Ellison noted that the clear reporting lines would allow him to focus on long-term strategy, creative direction, and capital allocation, while Kreiz handles the rigorous demands of the company’s operational infrastructure. "Together we’ll build one integrated company that is creator-first, tech-forward, and built to scale globally," he added.
Kreiz expressed similar enthusiasm for the venture, noting that the entertainment industry has reached a critical inflection point. "I’m excited to partner with David to build the next-generation media and entertainment company—bringing together premium content and iconic brands at the highest quality and scale," Kreiz stated. He highlighted the need for the industry to rethink traditional business models and invest in innovation. "I look forward to working with the leadership team to build a cohesive global entertainment platform—one that stands out with best-in-class operations and execution powered by technology."
The news of Kreiz’s move to Paramount coincided with an announcement from Mattel regarding his departure. The toy giant confirmed on Wednesday that Kreiz would step down as chairman and CEO effective October 2, stating only that he was leaving to "take a senior leadership position at another public company." While Mattel did not initially disclose Kreiz’s destination, the subsequent announcement from Paramount clarified his trajectory. To fill the vacancy left by Kreiz, Mattel has named Roger Lynch, the current CEO of Condé Nast, as its next chief executive.
Kreiz’s legacy at Mattel is defined by a successful "IP-driven" strategy that transformed the company from a traditional toy manufacturer into a major player in the cinematic space. During his tenure, Mattel reclaimed its position as a global leader in key categories such as dolls, vehicles, and infant products. Most notably, Kreiz oversaw the launch of Mattel Films’ first theatrical release, "Barbie." Directed by Greta Gerwig and starring Margot Robbie, the film became a cultural phenomenon and the highest-grossing global box office hit of 2023. It also holds the record as the highest-grossing film in the history of Warner Bros. Pictures, a fact that underscores the existing synergy between Kreiz and the assets he will soon oversee at the merged Paramount-WBD.
Before his time at Mattel, Kreiz established himself as a heavyweight in the digital and traditional media sectors. He previously served as the chairman and CEO of Maker Studios, the YouTube-focused digital content network that was acquired by Disney in 2014. His career also includes a stint as chairman and CEO of Endemol Group from 2008 to 2011, and he was a co-founder of Fox Kids Europe. His background as a general partner at the venture-capital firm Balderton Capital further solidified his reputation as an executive with a keen eye for the intersection of technology and entertainment.
