Mattel’s Ynon Kreiz to become co-CEO of combined PSKY/WBD entity

Ynon Kreiz

Mattel’s Ynon Kreiz is set to become co-CEO of the combined Paramount Skydance (PSKY) and Warner Bros Discovery (WBD) following the completion of their US$110bn merger.

The appointment will see Kreiz, whose departure as chairman and CEO at Mattel was announced on Wednesday morning, working alongside PSKY chairman and CEO David Ellison to lead the combined company.

PSKY said Ellison would focus on “long-term strategy, creative vision and direction, including its talent relationships, strategic partnerships, technology and capital allocation” while Kreiz would lead day-to-day management and integration of the combined business. Kreiz begins on October 5.

“Ellison’s appointment of Kreiz caps a long-term plan: pursue both Paramount and Warner Bros. Discovery, then partner with a leading executive of his caliber to integrate, operationalize and manage the businesses as they build one of the most ambitious next-generation media companies in the industry’s history,” added PSKY in a statement.

Ellison’s prior number two, former PSKY president Jeff Shell, left the company in February after a lawsuit involving a Vegas gambler RJ Cipriani, who had accused Shell of owing him for crisis communication services that saved Paramount millions and leaking sensitive corporate information.

The appointment came just after the US federal judge overseeing the antitrust case against the merger gave final approval. The deal is officially expected to close on October 6.

Kreiz has been chairman and CEO at Mattel since 2018, and is widely credited with leading the toymaker successfully into entertainment with global smash hits like the Barbie movie. He was previously held the same title at Maker Studios and Endemol Group and earlier in his career was co-founder, chairman and CEO of Fox Kids Europe NV.

His appointment comes after news broke on Tuesday that PSKY’s chairman of direct-to-consumer Cindy Holland was exiting, paving the way for HBO boss Casey Bloys to run the combined company’s streaming content operation.

“Bringing together Paramount and Warner Bros Discovery to create a next-generation global media company is a transformational moment for our industry,” said Ellison in a statement announcing Kreiz’s appointment.

“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. In Ynon, I’m adding a partner with strong leadership and the operating firepower this integration demands.”

Ellison continued: “It’s a division of labour built on our complementary strengths, with clear reporting lines and it lets me focus where I can contribute most: long-term strategy, the company’s overall creative direction, talent relationships, strategic partnerships, technology and capital allocation. We’re like-minded, we see this business the same way and there’s no one I’d rather partner with. Together we’ll build one integrated company that is creator-first, tech-forward and built to scale globally.”

Kreiz added: “The industry is at an inflection point, demanding evolution, investment, and a willingness to rethink business models. 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, with unparalleled creative relationships, production capabilities, and global reach. We will continue empowering creators, make this company a greenfield for innovation and storytelling, and collaborate with key partners to reach and engage fans worldwide.”