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Paramount Skydance CEO David Ellison announced on Wednesday the appointment of outgoing Mattel Chief Executive Officer Ynon Kreiz as his co-CEO of the anticipated combination of Paramount and Warner Bros. Discovery. The pair will lead as "one team," with Kreiz set to take on the operational duties of the media company, according to a press release. Kreiz will become co-CEO effective at the closing of the merger and will also join the company's board of directors. "Ellison will focus on the company's long-term strategy, creative vision and direction, including its talent relationships, strategic partnerships, technology and capital allocation," Paramount stated in the release. "Kreiz will focus on the company's day-to-day management and integration of the combined businesses." The announcement comes less than two weeks after Paramount settled an antitrust lawsuit with a group of state attorneys general that sought to block the $110 billion merger. A federal judge on Wednesday entered an order to allow the merger to close. "Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our industry," said Ellison in the release. "Leading it takes a rare combination of strategic vision, operational depth and experience running a public company at the highest levels of media. Ynon brings all three." In a separate release late Wednesday, Paramount said the merger would close on Oct. 6 Earlier on Wednesday, Mattel announced Kreiz was departing the company after eight years in the top job. During his tenure, Kreiz led the company through major transformations and oversaw the release of "Barbie," the highest-grossing domestic film release of 2023. The events on Wednesday set up the end of a long back-and-forth battle through which Ellison has sought to expand his media empire. He first set his sights on Warner Bros. Discovery in September 2025 and since then has faced a bidding war against Netflix and a legal challenge over antitrust concerns. The transaction, which will be one of the largest media mergers in history, is expected to be completed in the coming weeks.
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