David Ellison will share the reins of the combined Paramount-Warner Bros. Discovery with Mattel’s exiting CEO, Ynon Kreiz.
Kreiz will join the new-look Paramount as co-CEO on Monday, October 5, Paramount announced on Wednesday. Ellison had been Paramount’s sole CEO since its merger with Skydance last August.
Both Ellison and Kreiz will oversee employees at Paramount and WBD, which are expected to join forces in the coming days as part of a $110 billion mega-deal. Ellison will head up the creative and technology strategies while Kreiz will manage day-to-day operations and the merger integration, Paramount said.
Paramount said it expects the merger to close on October 6.
During Kreiz’s tenure at Mattel, which started in 2018, he looked to turn the toy giant behind Barbie and Uno into an entertainment powerhouse. He had initial success when “Barbie” became a billion-dollar blockbuster. However, Mattel’s “Masters of the Universe” movie in June, based on the He-Man action figures, was a flop. Mattel has a slew of other entertainment projects in the works.
Kreiz said in 2024 that Mattel’s entertainment strategy was “ultimately about big brands, franchises that move the market, with built-in fan bases.”
Mattel shares are down more than 24% in the past year, including a 4% decrease after news of Kreiz’s exit. The stock plunged earlier this year after holiday sales disappointed.
In a memo to Paramount staffers, Ellison highlighted Kreiz’s time as CEO of the short-form video company Maker Studios and of the independent TV production firm Endemol Group.
Mattel announced earlier on Wednesday that it would replace Kreiz with Roger Lynch, who had been the CEO of publisher Condé Nast.
Paramount’s merger with WBD, the parent company of HBO and CNN, is nearing the finish line after a monthslong saga complete with hostile bids, a competing offer from Netflix, and lawsuits from 12 US states and Hollywood writers.
