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.
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.
As the October 6 merger date approaches, the leadership structure of the combined Paramount-Warner Bros. Discovery is rapidly taking shape. The executive suite is being populated by some of the most influential figures in the industry. It was recently revealed that Casey Bloys, the current head of HBO and Max content for Warner Bros. Discovery, is poised to take over oversight of the combined company’s streaming business. This follows the announcement that Cindy Holland, who had been running Paramount+ and other direct-to-consumer operations, would be stepping down from her role.
The integration of Paramount and Warner Bros. Discovery is expected to create a powerhouse with unparalleled reach across film, television, and digital platforms. By combining the vast libraries of both companies—ranging from the DC Universe and HBO to Paramount’s legendary film archives—the new entity aims to compete at the highest level of the global streaming wars. The addition of Kreiz is seen as a strategic move to ensure that this massive collection of intellectual property is managed with the same operational rigor that characterized his success at Mattel.
The industry will be watching closely as Kreiz and Ellison begin their collaboration. The challenges ahead are significant, involving the consolidation of massive workforces, the alignment of different corporate cultures, and the continued pressure to achieve profitability in the streaming sector. However, the confidence expressed by both executives suggests a shared vision for a company that is not only "built to scale" but also "creator-first."
With the final legal hurdles cleared and the leadership team nearly finalized, the stage is set for the birth of a new media giant. Ynon Kreiz’s transition from the world of toys and "Barbie" to the helm of a $111 billion media conglomerate marks the beginning of a new chapter for both his career and the future of global entertainment. As he prepares to join the board and step into his co-CEO role on October 5, the focus turns toward the execution of a merger that promises to redefine how content is created, distributed, and consumed on a global scale.
