Paramount Names Ynon Kreiz Co-CEO Ahead of Warner Bros. Discovery Merger Close

Paramount has named Ynon Kreiz, the former chairman and chief executive of toy maker Mattel, as its new co-chief executive officer. The appointment comes as the company prepares to close its roughly $110 billion merger with Warner Bros. Discovery, a deal that will create one of the largest media and entertainment companies in the world.

Kreiz will share leadership duties with David Ellison, who currently serves as Paramount's chairman and chief executive. According to the company, the two executives will divide responsibilities, with Ellison concentrating on the company's long-term strategy and creative direction.

The move signals Paramount's effort to bring in experienced outside leadership as it absorbs Warner Bros. Discovery's vast portfolio of film, television and streaming assets. Kreiz spent years at Mattel overseeing a turnaround of the toy giant, including the launch of film projects built around its toy brands, experience that Paramount executives have suggested could be valuable in managing a larger, more complex entertainment conglomerate.

A Pivotal Moment for the Merger

The leadership change arrives at a critical juncture, with the merger between Paramount Skydance and Warner Bros. Discovery nearing completion after months of regulatory and legal scrutiny. Once finalized, the combined company will control a significant share of major film studios, cable networks and streaming platforms.

Neither Paramount nor Kreiz has detailed the specific division of operational responsibilities beyond the broad strokes outlined by the company. Industry observers will be watching closely to see how the co-CEO structure functions in practice as the newly merged entity begins integrating its operations.