The merger of Paramount, Skydance, and Warner Bros. Discovery is set to close on Tuesday, creating a combined media company under the Skydance name. David Ellison, who has led the acquisition effort over the past two years, will share leadership duties with Ynon Kreiz, who most recently served as CEO of toymaker Mattel. The newly combined entity will consolidate major film studios, the CBS broadcast network, cable channels including CNN and MTV, and streaming platforms Paramount+ and HBO Max.
Kreiz brings three decades of media industry experience to the role, having previously led Maker Studios before its 2014 acquisition by Disney, chaired Endemol Group, and co-founded Fox Kids Group Europe. His appointment addresses questions about whether Ellison, primarily known for technology and venture capital backgrounds, possesses the operational expertise necessary to manage a sprawling legacy media conglomerate. Under the announced structure, Ellison will focus on long-term strategy, creative direction, technology, and capital allocation, while Kreiz will oversee day-to-day operations and integration efforts.
Wall Street analysts have generally responded positively to Kreiz’s selection, citing his track record at Mattel as evidence of turnaround capability. When Kreiz assumed control of the struggling toy company in 2018, it faced declining revenues and profitability challenges. He implemented aggressive cost-cutting measures, eliminating approximately $1 billion in expenses, restructuring supply chains, reducing product lines, and cutting the workforce by 2,200 employees. The company achieved profitability and cash flow improvements within roughly two years.
Kreiz is widely credited with orchestrating the successful development and theatrical release of “Barbie” through a film division he established at Mattel. The film, produced in partnership with Warner Bros., generated over $1.4 billion globally. Some analysts view his appointment as particularly suited to the integration challenges ahead, as the merger will require significant cost rationalization and the development of intellectual property platforms. However, other observers question whether his recent consumer goods experience adequately prepares him for the complexities of managing combined entertainment operations.
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