Paramount chairman and chief executive David Ellison announced on Wednesday, September 30, 2026, that former Mattel chief executive Ynon Kreiz will join him as co-chief executive of the combined Paramount and Warner Bros.
Discovery media giant.
The appointment came shortly after a federal judge approved a settlement clearing the path for Paramount's acquisition of Warner Bros.
Discovery.
Kreiz will officially start at Paramount on October 5, 2026, one day before the massive media deal is expected to close.
"In Ynon, I'm adding a partner with strong leadership and the operating firepower this integration demands," said David Ellison, Chairman and CEO of Paramount.
Leadership Structure and Integration
Under the leadership structure outlined by the company, Ellison will handle strategy, creative direction, technology, and capital allocation.
Kreiz will oversee day-to-day operations and lead the integration of the combined businesses, which face $79 billion in debt and target $6 billion in cost savings.
"When you look at Ynon's background and mine, and what we have accomplished, I think we're really well positioned to win together," said Ellison.
The combined entity unites the Paramount and Warner Bros.
film studios, the CBS broadcast network, cable channels such as CNN, TNT, MTV, and BET, alongside streaming platforms HBO Max and Paramount+.
Ellison and Kreiz are currently the only confirmed board members of the merged company, granting them authority to appoint members to the editorial independence board for CBS News and CNN.
"Barbie was invented in 1959, but Barbie is so much more than a doll. Barbie is a pop culture icon," said Ynon Kreiz, Co-CEO of Paramount.
Kreiz joined Mattel as CEO in 2018 after executive stints at Fox Kids Europe, Endemol Group, and Maker Studios.
During his tenure at the toy company, he spearheaded an intellectual property strategy that culminated in the 2023 blockbuster film "Barbie," which grossed nearly $1.45 billion worldwide.
"I relish the challenge," said Kreiz.
"I believe in stepping into complicated situations and try to find a way to create or find that economic model that will create value," he said.
Analyst Reactions and Market Response
Wall Street analysts expressed mixed reactions to the appointment.
While praising his operational turnaround at Mattel, analysts noted the complex integration ahead for the two media behemoths.
"He does have very good operating chops," said David Joyce, Senior Analyst at Seaport Research Partners.
"He also has a lot of global experience. He has branding experience given the Mattel brands.
Plus, he has media and entertainment experience," said Joyce.
"We view the appointment of Ynon Kreiz positively, as his operating experience and brand/IP focus uniquely position him to help lead the integration of Paramount Skydance and WBD and build the combined business into a best-in-class content and IP platform," said Matthew Condon, Analyst at Citizens Bank.
"It's an excellent choice for Paramount," said Eric Handler, Managing Director and Senior Media and Entertainment Analyst at Roth Capital Partners.
"Mattel had like a four-year revenue downturn, gone from being quite profitable to losing money, and he turned that around in like two years," said Handler.
"We don't necessarily think he is the best conceivable choice to handle this task," said Matthew Dolgin, Senior Equity Analyst at Morningstar.
"He undoubtedly is an experienced hand who fills a void that had been present, leaving the firm better positioned with him, in our view, than it was without him," said Dolgin.
"Though his title is co-CEO, we view Kreiz as a chief operating officer," said Dolgin.
"He got off to a really great start [at Mattel] because he did some structural improvements," said Gerrick Johnson, Equity Research Analyst at Seaport Research Partners.
"They eliminated a lot of SKUs, rationalized the business lines ...
They did a great job of cutting like $1 billion worth of cost right out of the gate, becoming more flexible, quicker to market," said Johnson.
Following the co-CEO announcement, Mattel shares fell 4.24% on Wednesday as investors processed Kreiz's upcoming departure from the toy manufacturer.
