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Ynon Kreiz Named Co-CEO of New Paramount-WBD Mega-Studio
Confirmed
In Short: Paramount CEO David Ellison announced Ynon Kreiz as co-CEO of the merged Paramount and Warner Bros. Discovery company, effective October 5.
Paramount CEO David Ellison announced on Wednesday that Ynon Kreiz will join the company as co-CEO on Monday, October 5, following the $110 billion merger with Warner Bros. Discovery.
Kreiz, who was CEO of toy giant Mattel since 2018, will oversee day-to-day operations and the merger integration, while Ellison will focus on long-term strategy, creative vision, and technology functions.
In a memo to Paramount staffers, Ellison highlighted Kreiz's experience leading Maker Studios and Endemol Group, noting his strong leadership and operational expertise.
Kreiz's appointment comes after a federal judge approved the antitrust settlement deal between Paramount, Warner Bros. Discovery, and a dozen blue state attorneys general.
During his tenure at Mattel, Kreiz aimed to transform the company into an entertainment powerhouse, overseeing the release of 'Barbie,' which became the top global box office film of 2023.
Kreiz will join the board of directors and will have more authority than former Paramount president Jeff Shell, with clear reporting lines established.
Ellison emphasized the importance of Kreiz's strategic vision and operational depth, stating, 'Together we’ll build one integrated company that is creator-first, tech-forward and built to scale globally.
Kreiz's transition to Paramount coincides with his exit from Mattel, where he will be replaced by Roger Lynch, the former CEO of Condé Nast.
The new co-CEO structure is modeled after successful setups at Netflix and Comcast, with Kreiz and Ellison dividing responsibilities to manage the scope of the new entity.
What this adds
Mattel's shares have declined more than 24% in the past year, including a 4% decrease after news of Kreiz's exit.
Kreiz's full-throated endorsement and clear delineation of responsibilities set him apart from previous executives at Paramount.
What's confirmed
- Kreiz will join the new-look Paramount as co-CEO on Monday, October 5, Paramount announced on Wednesday.
- “Leading it takes a rare combination of strategic vision, operational depth and experience running a public company at the highest levels of media,” he added of the new co-CEO position.
- In Ynon, I’m adding a partner with strong leadership and the operating firepower this integration demands.
- Kreiz will oversee the company’s daily operations and combined businesses while Ellison will lead strategy, creative, and technology functions.
- Minutes later Ellison announced former Mattel CEO Ynon Kreiz as co-CEO of the combined company, effective October 5.
What's still developing
- 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.
- Kreiz, who announced his exit from Mattel earlier Wednesday, was already talking with Ellison about a high-level exec post at ParaBros – but the co-pilot gig didn’t always seem to be in the cards.
- Having said that, given Netflix ‘s success with co-CEOs in Ted Sarandos and Greg Peters and Comcast and Spotify following suit with the structure, Ellison saw fit to divvy up the responsibilities given the scope of the new entity.
- However, unlike Shell, who departed under a cloud last April, Kreiz has a full-throated endorsement and more complete delineation of what’s expected of him.
- Before taking the reins at Mattel in 2018, Kreiz had led Maker Studios as CEO prior to its acquisition by Disney and also run Endemol Group and Fox Kids Europe.
- Before taking his new job alongside Ellison, Ynon Kreiz served as the CEO of Mattel for eight and a half years.
- Together we’ll build one integrated company that is creator-first, tech-forward and built to scale globally.” Kreiz added, “I’m excited to partner with David to build the next-generation media and entertainment company — bringing together premium content and iconic brands at the highest quality and scale, serving global audiences across every entertainment vertical and distribution platform.
- Born in Tel Aviv, Kreiz received his MBA from UCLA.
- Ellison’s appointment of Kreiz “caps a long-term plan: pursue both Paramount and Warner Bros. Discovery, then partner with a leading executive of his caliber to integrate, operationalize and manage the businesses as they build one of the most ambitious next-generation media companies in the industry’s history,” according to Paramount’s announcement.
- Kreiz exited Disney in 2016 and joined Mattel in 2018.
- Kreiz, who just stepped down from being CEO of Mattel after 8 years, will start at Paramount on Oct. 5, according to the company.
- In addition to the co-CEO announcement, Cindy Holland, the head of Paramount+, is exiting the company ahead of the merger.