Paramount Skydance’s David Ellison just introduced his new co-CEO ahead of the company’s merger with Warner Bros. Discovery.
Ynon Kreiz, who’d been the CEO at toy maker Mattel since 2018, is joining Paramount on Monday as it finalizes its $110 billion merger with WBD.
“I always planned to partner with an executive of Ynon’s caliber. Our skills and experience complement each other, and we share a vision for what this company can become,” Ellison told employees in a memo, which was obtained by Business Insider.
Paramount said in its announcement that Ellison would lead the combined company’s creative and tech strategy, while Kreiz would oversee day-to-day operations and deal integration.
Ellison said there’s “nobody I’d rather have standing next to me” than Kreiz, whom he called a “proven builder and operator, who shares our vision and cares deeply about our creative mission.”
Paramount said it expects the merger to close on October 6.
Kreiz took steps to turn Mattel into an entertainment company by adapting toys like Barbie and Matchbox into movies. Mattel’s Barbie movie, produced by Warner Bros., grossed over $1.4 billion globally in 2023, though this summer’s “Masters of the Universe” film, based on the He-Man toys, fell short of expectations. Under Kreiz, Mattel had planned to make more movies.
Mattel shares are down over 24% in the past 12 months, including a 4% drop after news of Kreiz’s exit. The toy maker’s stock tanked earlier this year after holiday season sales fell short of expectations.
Ellison highlighted Kreiz’s entertainment background, including his time as CEO of the short-form video company Maker Studios and of the independent TV production firm Endemol Group.
“If you don’t know Ynon yet, you’re about to,” Ellison wrote. “If you do, you already know how lucky we are.”
Read Ellison’s full memo here:
Team,I’m proud to introduce Ynon Kreiz, who will serve as Co-CEO of the combined company, effective at closing.Once the WBD transaction is finalized, I always planned to partner with an executive of Ynon’s caliber. Our skills and experience complement each other, and we share a vision for what this company can become. Together we are well positioned to integrate, operationalize and run the businesses as we build one of the most ambitious next-generation media companies in the industry’s history.If you don’t know Ynon yet, you’re about to. If you do, you already know how lucky we are. He is a proven builder and operator, who shares our vision and cares deeply about our creative mission. There’s nobody I’d rather have standing next to me as we take this next step.Most recently, Ynon was Chairman and CEO of Mattel, the global play and family entertainment company, where he led an unprecedented transformation of the business and executed its multi-platform, brand-centric strategy. Before that, he was Chairman and CEO of Maker Studios, a global leader in short-form video and one of YouTube’s largest multichannel networks. He previously served as Chairman and CEO of Endemol Group, then the world’s largest independent television production company.Our press release shares more about Ynon, our partnership and why I’m so excited about what it means for our future.We still have work to do before the deal closes, and nothing changes until it does. But I wanted you to hear this from me first. I hope you’re as excited as I am to welcome Ynon to our leadership team.Can’t wait to get started.David
