David Ellison Taps Mattel’s Ynon Kreiz as Co-CEO of Merged Paramount-Warner Bros. Discovery
David Ellison announced that former Mattel CEO Ynon Kreiz will join the combined Paramount and Warner Bros. Discovery as co-CEO. Kreiz, who is stepping down from Mattel after eight years, will oversee day-to-day operations and integration starting October 5, 2026, as the $111 billion mega-merger prepares to close.
Executive Division of Labor for the Combined Media Giant
As chairman and CEO, David Ellison will lead overall strategy, creative direction, technology functions, talent relationships, strategic partnerships, and capital allocation. Meanwhile, Ynon Kreiz steps in as co-CEO to manage day-to-day operations and the complex integration of the merged businesses. Paramount characterized the appointment as a pairing of complementary skillsets designed to amplify results.
Kreiz will also join the company’s board of directors when he officially assumes his new role on October 5, 2026. Paramount regulatory filings indicate that the mega-merger between Paramount and Warner Bros. Discovery is expected to close on October 6, according to Paramount regulatory filings, following the court approval of a settlement resolving an antitrust lawsuit brought by 12 state attorneys general.
Kreiz’s Entertainment Background and Mattel Tenure
While Kreiz joins Paramount from toy giant Mattel—where he spearheaded the Barbie film and a developing Hot Wheels project—his career is deeply rooted in media production and executive leadership. He previously served as chairman and CEO of European media production company Endemol and CEO of Maker Studios before selling it to Disney for $500 million. He also helped launch Fox Kids Europe alongside Haim Saban.
Gerry Cardinale, founder and managing partner of RedBird Capital Partners and a member of the Paramount board, praised Ellison’s leadership through two “historic acquisitions.” Skydance Media closed its acquisition of Paramount Global in August 2025, setting the stage for the current $111 billion combination with Warner Bros. Discovery.
Strategic Vision for a Next-Generation Media Company
Ellison stated that bringing Paramount and Warner Bros. Discovery together is a transformational moment requiring operational depth and public company experience at the highest levels. Kreiz echoed those sentiments, noting that the industry sits at an inflection point demanding evolution, investment, and a willingness to rethink business models.
The newly combined entity will operate at a scale that dwarfs Paramount’s standalone footprint. As executive teams prepare for the October 6 closing date, integrating vast production capabilities, global distribution platforms, and extensive talent rosters will occur.