- Mattel CEO Ynon Kreiz is leaving the toy company to join David Ellison at Paramount Skydance as co-CEO, with responsibility for day-to-day operations and integration of the Warner Bros. Discovery businesses.
Paramount Skydance Corp. (NASDAQ: PSKY) has named Mattel Inc. (NASDAQ: MAT) Chairman and CEO Ynon Kreiz as co-CEO of the combined company it expects to form with Warner Bros. Discovery Inc. (NASDAQ: WBD), adding a new operating leader as the $110 billion transaction moves toward its expected Oct. 6 closing.
Paramount announced the appointment Sept. 30, with Kreiz scheduled to start at Paramount on Oct. 5. The announcement comes one day after a federal judge approved a settlement that cleared a major legal obstacle to the Warner Bros. Discovery acquisition.
Under the planned leadership structure, David Ellison will remain chairman and CEO and focus on long-term strategy, creative direction, technology, talent relationships, strategic partnerships and capital allocation. Kreiz will oversee day-to-day management and integration of the combined businesses.
Paramount and WBD separately said the Warner Bros. Discovery merger is expected to close Oct. 6, subject to customary closing conditions.
Why Paramount Is Bringing Ynon Kreiz Into the Leadership Team
Kreiz has led Mattel since 2018, overseeing a strategy that expanded the company beyond traditional toys and into film, television, licensing and other entertainment businesses. His tenure included the development of Mattel's entertainment strategy, highlighted by the commercial success of the 2023 Barbie movie.
His departure from Mattel will take effect Oct. 2. Roger Lynch, the former CEO of Condé Nast, is set to succeed him as Mattel chairman and CEO, with the transition expected to be completed by Nov. 2.
For Paramount, Kreiz's immediate assignment is broader than running a single media business. He will be responsible for integrating the operations of Paramount and Warner Bros. Discovery once the transaction closes.
The combined company will bring together Paramount's film and television assets, CBS and Paramount+, alongside Warner Bros., HBO Max, CNN and other WBD businesses. Paramount has said the combined streaming operation is expected to reach more than 200 million global subscribers.
The companies have also projected more than $6 billion in run-rate synergies from the transaction. The appointment follows a lengthy period of regulatory and financing work around the deal.
Paramount-Warner Bros. Merger Moves Into Final Closing Stage
The leadership change comes as Paramount's acquisition of WBD enters its final phase. A federal judge approved Paramount's settlement with 12 states on Sept. 30, removing the court-related obstacle that had prevented the companies from completing the transaction.
The settlement includes commitments covering US film production, theatrical releases, worker support and editorial oversight involving CBS News and CNN. Paramount has continued preparing its financing arrangements alongside the closing process. Its Warner Bros. debt tender and exchange offers were extended to Oct. 6, aligning the debt transactions with the expected merger timetable.
The company is also preparing a change in its stock-market listing. Paramount Skydance's Class B shares are expected to stop trading on Nasdaq around Oct. 5 and begin trading on the New York Stock Exchange on Oct. 6 under the existing PSKY ticker. The merger agreement calls for WBD shareholders to receive $31 in cash per share, plus a daily ticking payment for the period after Sept. 30 through the closing date.
For Paramount, the next step is therefore operational rather than another announced leadership search. If the transaction closes as expected, Ellison and Kreiz will assume their respective roles at the combined company, with Kreiz responsible for integrating the businesses while Ellison retains responsibility for overall strategy and creative direction.
The immediate focus for investors will be the Oct. 6 closing, the transition of Paramount's stock listing, and the execution of the integration plan that follows.