Mattel's Ynon Kreiz Named Co-CEO at Paramount-Warner--3rd Update

By Joe Flint

Mattel Chief Executive Ynon Kreiz has been tapped to become Co-CEO of the combined Paramount-Warner Bros. Discovery once the $81 billion deal closes-as David Ellison continues to set plans in motion for his growing media and entertainment empire.

In his new role, Kreiz will be heavily involved in the day-to-day management as well as strategic planning and the integration of the combined businesses. Ellison will remain chairman and CEO, and Kreiz will join the board of directors. They will oversee the combined company's businesses, which will report jointly to both men, Paramount said.

"In Ynon, I'm adding a partner with strong leadership and the operating firepower this integration demands," Ellison said in a statement.

Kreiz, in a statement, said he looks forward to building a "next-generation media and entertainment company," reaching global audiences "across every entertainment vertical and distribution platform."

A federal judge on Wednesday approved the settlement Paramount reached last week with 12 state attorneys general who had sought to block the Warner merger on antitrust grounds, clearing one of the final obstacles to completing the deal.

The hiring of Kreiz reflects Ellison's willingness to look beyond the existing ranks of Paramount and Warner as he builds the leadership team for the combined company.

"Great leaders accomplish great things," said Gerry Cardinale, founder and managing partner of RedBird Capital Partners, which is helping to back the Warner acquisition. "Historic ones know when to bring in the right partner to make it last-and that's what David has done."

It also adds a veteran chief executive with experience overseeing a large public company to what will be a sprawling entertainment empire. The combination of Paramount and Warner would place two legacy movie and television studios, two subscription streaming services, CNN, Food Network, MTV, CBS and HBO under one corporate umbrella.

Tapping Kreiz is the second major executive move Ellison has made in recent days in advance of the Warner deal's anticipated closing. Casey Bloys, content chief at Warner-owned HBO and HBO Max, is expected to oversee the combined company's streaming operations, people familiar with the matter said. On Tuesday, Paramount's top streaming executive, Cindy Holland, resigned, making way for Bloys.

Ellison is expected to unveil the combined company's organizational structure in the coming days, including leadership teams for the movie and television studios-and potentially CNN and CBS News, people familiar with the matter said.

Mattel named board member and former Condé Nast CEO Roger Lynch to succeed Kreiz as CEO effective Oct. 2. Kreiz is also stepping down as Mattel's chairman and leaving the company's board. Lead independent director Gwendolyn Sontheim will become chair.

Kreiz brings experience restructuring companies. After his arrival at Mattel in 2018, the company cut more than 2,000 jobs as it shrank its manufacturing footprint.

The combined Paramount-Warner will carry nearly $80 billion in debt. Paramount has told investors it expects $6 billion in annual synergies within three years of combining operations.

During his more than eight years as CEO of Mattel, Kreiz is credited with transforming the toy manufacturer, whose stable of brands includes Barbie and Hot Wheels, into an intellectual property-driven entertainment company spanning film, television and games.

Besides the 2023 Warner Bros. blockbuster "Barbie," Mattel has produced movies and television shows based on several of its best-known brands, including "Masters of the Universe," the fantasy franchise featuring He-Man and Skeletor. "Matchbox: The Movie," starring John Cena and based on Mattel's toy-car brand, is scheduled to debut on Apple TV on Oct. 9.

Kreiz would have no shortage of valuable intellectual property to work with at Paramount and Warner. Warner is home to Batman, Superman, Wonder Woman and Harry Potter, while Paramount's franchises include Star Trek, Mission: Impossible, Teenage Mutant Ninja Turtles, Transformers and Nickelodeon's SpongeBob SquarePants.

Prior to Mattel, Kreiz spent much of his career in media and entertainment, serving as chairman and CEO of television producer Endemol and digital-video company Maker Studios. Earlier, he co-founded and ran Fox Kids Europe.

Write to Joe Flint at Joe.Flint@wsj.com

(END) Dow Jones Newswires

September 30, 2026 16:58 ET (20:58 GMT)