Skydance CEO David Ellison announced the appointment of Ynon Kreiz, who recently departed his position as Mattel’s chief executive, to serve as co-CEO of the combined Paramount and Warner Bros. Discovery organization. Kreiz will assume the role upon the merger’s completion and will also serve on the company’s board of directors. The leadership arrangement divides responsibilities between the two executives, with Ellison concentrating on long-term strategy, creative direction, talent relationships, partnerships, technology and capital allocation, while Kreiz will manage day-to-day operations and oversee the integration of the combined entities.
The announcement coincided with significant regulatory progress on the transaction. A federal judge issued an order allowing the merger to proceed on the same day, and Paramount disclosed that the $110 billion combination would officially close on October 6. This development followed the settlement of an antitrust lawsuit brought by state attorneys general, which had previously sought to block the merger.
Kreiz’s departure from Mattel concluded an eight-year tenure as the toy company’s chief executive. During his leadership, Kreiz directed major business transformations and oversaw the production of “Barbie,” which became the highest-grossing domestic film release of 2023. His appointment to the media industry represents a significant transition as he shifts from the toy sector to lead operational integration of one of the industry’s largest planned mergers.
The merger announcement represents the culmination of an extended acquisition effort by Ellison. His initial approach to Warner Bros. Discovery occurred in September 2025, after which the transaction encountered competition from Netflix and faced legal obstacles related to antitrust regulations. The combined entity is anticipated to become a major player in the global media landscape upon completion.
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