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Paramount Skydance chief David Ellison named outgoing Mattel CEO Ynon Kreiz as co-CEO of the planned merger between Paramount and Warner Bros. Discovery, citing a split of strategic and operational responsibilities. The appointment comes as the companies move toward a court-cleared closing scheduled for Oct. 6.
Division of responsibilities
Paramount said Ellison and Kreiz will lead together as “one team“, with distinct areas of focus. Kreiz is expected to handle the day-to-day running of the combined company and the operational work of integrating the two businesses.
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Ellison will concentrate on longer-range priorities: the company’s creative direction, talent relationships, strategic partnerships, technology and how capital is allocated. Kreiz will also join the merged company’s board of directors when his co-CEO role becomes effective at closing.
Judge clears the path for closing
The announcement follows a recent settlement of an antitrust lawsuit that had sought to block the roughly $110 billion deal. A federal judge entered an order permitting the merger to close, a development Paramount said occurred less than two weeks after the settlement.
Paramount confirmed in a separate statement that the transaction is set to close on Oct. 6. Company officials said the deal, once completed, will create a next-generation global media company.
Background: a long takeover push
Ellison first pursued Warner Bros. Discovery in September 2025 and subsequently faced competition from Netflix and other bidders. Regulators and rival bidders also prompted a legal challenge over antitrust concerns during the process.
When completed, the transaction will rank among the largest media mergers in history. Paramount said the combination is expected to be finalized in the coming weeks.
Kreiz exits Mattel after eight years
Earlier the same day, Mattel announced Kreiz would step down after eight years as CEO. During his tenure, the company underwent substantial changes and was involved in high-profile projects, including the release of “Barbie,” which became the highest-grossing domestic film release of 2023.
The leadership moves mark the latest chapter in Ellison’s multi-year effort to expand his media holdings and reshape the U.S. entertainment landscape.
