Paramount Skydance CEO David Ellison has named Mattel’s outgoing CEO Ynon Kreiz as co-CEO of the soon-to-be combined entity of Paramount and Warner Bros. Discovery. Kreiz will focus on operational management and business integration, while Ellison will handle long-term strategy, creative direction, and capital allocation. The new co-CEO structure will take effect once the merger closes, with Kreiz also joining the company's board of directors.

Kreiz’s appointment comes as he steps down from a successful eight-year run as Mattel’s CEO, during which he led key company transformations and oversaw the release of the blockbuster film “Barbie,” the highest-grossing domestic film release of 2023. His leadership experience and operational expertise are viewed as key assets for guiding the newly merged media giant through its next phase.

This leadership announcement follows a major milestone in the merger process, as Paramount recently settled an antitrust lawsuit with state attorneys general who had opposed the $110 billion merger. A federal judge has now approved the merger to proceed, and the companies expect to finalize the transaction on October 6. The deal marks one of the largest media mergers in history and signals a significant consolidation in the entertainment industry.

Ellison described the merger as transformational for the media sector, emphasizing the need for combined strategic vision and operational depth. Since initiating his pursuit of Warner Bros. Discovery in September 2025, Ellison has faced competition from Netflix and regulatory challenges but has successfully navigated the complex bidding and legal battles. With the deal’s closing imminent, the dual leadership team is positioned to shape the future of the expanded global media powerhouse.