Paramount has named Mattel Chairman and CEO Ynon Kreiz as co-CEO as the company approaches the expected closing of its Warner Bros. Discovery acquisition. Kreiz will focus on day-to-day management and integration, while Chairman and CEO David Ellison will remain responsible for long-term strategy, creative direction, technology, partnerships and capital allocation.
Kreiz is set to start at Paramount on October 5, one day before the Warner Bros. Discovery transaction is expected to close, subject to customary closing conditions.
Key Takeaways
- Ynon Kreiz will become co-CEO of Paramount effective October 5
- Kreiz will oversee day-to-day management and integration of the combined businesses
- David Ellison will remain chairman and CEO, focusing on strategy, creative direction, technology, partnerships and capital allocation
- The Warner Bros. Discovery merger is expected to close on October 6
- Paramount expects the acquisition to generate more than $6 billion in synergies
Paramount Names Ynon Kreiz as Co-CEO
Paramount has appointed Ynon Kreiz as co-CEO ahead of its planned combination with Warner Bros. Discovery, establishing a leadership structure that divides operational management from longer-term strategic and creative responsibilities.
Kreiz will start at Paramount on October 5 and join the company’s board of directors. The Warner Bros. Discovery merger is expected to close October 6, subject to customary closing conditions.
After closing, Ellison will remain chairman and CEO, while Kreiz will serve as co-CEO. The combined company’s businesses will report jointly to both executives.
Ellison will concentrate on long-term strategy, creative vision, talent relationships, strategic partnerships, technology and capital allocation. Kreiz will focus on day-to-day management and integration.
The division of responsibilities reflects the broader challenge of coordinating media leadership strategies across businesses with large content portfolios, technology operations and multiple distribution channels.
Paramount also disclosed on October 2 that it intends to change its corporate name to Skydance Corporation, effective October 6, alongside a planned move of its Class B shares to the New York Stock Exchange under the ticker SKYD.
Kreiz Takes Charge of Operations and Integration
Kreiz’s appointment gives him responsibility for bringing Paramount and Warner Bros. Discovery together operationally after the transaction closes.
The role includes day-to-day management of the combined organization and oversight of the integration process. Those responsibilities will span businesses across film, television, streaming, news, sports and other media operations.
Kreiz has led Mattel since 2018 and previously held senior positions across media and entertainment, including leadership roles at Maker Studios and Endemol Group. At Mattel, his tenure included restructuring initiatives and a strategy centered on expanding the company’s intellectual property across entertainment and other platforms.
That background places Kreiz in an operational role as Paramount works to consolidate corporate functions, technology infrastructure and other areas across the two businesses.
Post-merger execution will also require executive alignment during transformations as leadership teams coordinate priorities, responsibilities and decision-making across the expanded organization.
Paramount has identified technology integration, procurement, real estate optimization and other corporate efficiencies among the areas expected to contribute to merger synergies.
David Ellison Retains Strategy and Creative Oversight
Ellison will remain chairman and CEO following Kreiz’s appointment and is expected to concentrate on the combined company’s longer-term direction.
His responsibilities include corporate strategy, creative vision, talent relationships, technology, strategic partnerships and capital allocation.
The structure gives Ellison responsibility for determining broader priorities while Kreiz concentrates on operating and integrating the businesses.
Ellison became chairman and CEO of Paramount Skydance after the 2025 combination of Paramount Global and Skydance Media. The acquisition of Warner Bros. Discovery will substantially expand the collection of entertainment, streaming and media assets under the company.
The combined portfolio will include properties associated with Paramount Pictures, CBS, Paramount+, Warner Bros., HBO, HBO Max, CNN, DC and other brands.
Paramount’s leadership structure therefore creates separate areas of focus while keeping both executives involved in oversight of the combined businesses.
Leadership Structure Supports Merger Integration
The appointment comes as Paramount prepares for the operational demands of integrating Warner Bros. Discovery.
Paramount has said the acquisition is expected to generate more than $6 billion in synergies. The company has identified technology consolidation, procurement savings, real estate optimization and broader operational efficiencies as sources of those benefits.
Reuters has also reported that the two companies will enter the combination with roughly $80 billion in net debt, making integration and financial execution significant components of the post-merger agenda.
Kreiz will oversee the operational side of that process, while Ellison focuses on strategic, creative and technology priorities.
The structure also comes shortly before the planned closing. Paramount and Warner Bros. Discovery announced September 30 that they anticipate completing the merger on October 6, subject to customary closing conditions.
Kreiz’s October 5 start date positions him to enter the company immediately before the expected completion of the transaction.
Paramount Expects More Than $6 Billion in Synergies
Paramount expects its Warner Bros. Discovery acquisition to generate more than $6 billion in synergies as the companies consolidate operations.
Technology is one of the main areas identified for integration. Paramount has cited plans including a single enterprise resource planning system and consolidation of streaming technology stacks.
The company has also identified procurement savings, real estate optimization and other corporate efficiencies as potential contributors.
Paramount’s acquisition agreement values Warner Bros. Discovery at approximately $81 billion in equity value and $110 billion in enterprise value. The financing structure includes substantial equity backing alongside debt commitments.
Managing those financial and operational requirements will be a central part of the leadership team’s work after closing.
Kreiz will focus on the daily management and integration of the businesses, while Ellison retains responsibility for the combined company’s strategic and creative direction. Together, the two executives will oversee the businesses operating under the new corporate structure.
Frequently Asked Questions
Who Is Ynon Kreiz?
Ynon Kreiz is the chairman and CEO of Mattel and has been appointed co-CEO of Paramount. He has led Mattel since 2018 and previously held executive roles at media companies including Maker Studios and Endemol Group.
When Will Ynon Kreiz Become Paramount Co-CEO?
Kreiz’s appointment as Paramount co-CEO is effective October 5, 2026. The Warner Bros. Discovery merger is expected to close on October 6, subject to customary closing conditions.
What Will Ynon Kreiz Do at Paramount?
Kreiz will focus on day-to-day management and integration of the combined Paramount and Warner Bros. Discovery businesses. He will also join Paramount’s board of directors.
What Responsibilities Will David Ellison Retain?
David Ellison will remain chairman and CEO and focus on long-term strategy, creative vision, talent relationships, strategic partnerships, technology and capital allocation.
How Much Does Paramount Expect to Save From the Merger?
Paramount expects the Warner Bros. Discovery acquisition to generate more than $6 billion in synergies. The company has identified areas including technology integration, procurement, real estate and other corporate efficiencies as sources of those anticipated benefits.
