PSKY Names Ynon Kreiz As Co-CEO

Ynon Kreiz

Ynon Kreiz, who is stepping down as chairman and CEO of Mattel after eight years, will join Paramount as co-CEO of the company formed by its pending acquisition of Warner Bros. Discovery, Paramount announced Wednesday.⁠

Kreiz will start Oct. 5 and join the board. As co-CEO he will oversee day-to-day operations and the integration of the combined businesses. David Ellison will remain chairman and CEO and lead strategy, creative, and technology, including talent relationships, partnerships, technology, and capital allocation. Company executives will report to both.⁠

Paramount called the split “a pairing that joins complementary skillsets to amplify results.” Ellison said the merger is “a transformational moment” that requires strategic vision, operational depth, and public-company experience, and that Kreiz brings all three. Kreiz said he was excited to partner with Ellison to build “the next-generation media and entertainment company.”⁠

The appointment comes as Paramount Skydance moves to close a roughly $110 billion–$111 billion deal for Warner Bros. Discovery, expected around Oct. 6 after a federal judge approved an antitrust settlement with state attorneys general. The combined company will unite studios, streaming services including Paramount+ and HBO Max, and networks such as CBS and CNN.⁠

Mattel said Wednesday that Kreiz would leave effective Oct. 2 for a senior role at another public company. Roger Lynch, CEO of Condé Nast and a Mattel board member, will succeed him, with the transition expected by early November. Mattel shares fell about 4% on the news.⁠

At Mattel since 2018, Kreiz pushed a brand-and-IP strategy that included the Barbie movie and other entertainment projects. Earlier he led Maker Studios, which Disney acquired, and served as CEO of Endemol and Fox Kids Europe. Ellison framed the hire as the next step after pursuing both Paramount and Warner Bros. Discovery: bring in an operator to integrate and run the combined company.