Paramount Skydance is within striking distance of completing its $110 billion mega-merger with Warner Bros. Discovery and CEO David Ellison announced incoming leadership for the combined company.
On Wednesday Paramount announced Mattel chief Ynon Kreiz will serve as co-CEO of the combined company alongside Ellison, starting next Monday October 5 and effective at close of the hard-won WBD deal. Deal completion is now anticipated by October 6, following court approval of Paramount’s settlement with 12 state attorneys general that had sued to block the deal on antitrust grounds.
Per the announcement, continuing his role as Chairman and CEO of the combined company, Ellison will lead all strategy, creative and technology efforts. Kreiz, meanwhile, will join the Board of Directors and as co-CEO will lead the company’s day-to-day operations and integration of the combined businesses. According to Paramount, the dual CEOs are meant to serve as a pair that brings together complementary skillsets in order to maximize the upside of bringing two legacy Hollywood media companies together as part of a comprehensive and long-term strategy.
Kreiz comes to the combined Paramount-WBD from children’s toy and family entertainment company Mattel, where he served as chairman and CEO since 2018.
According to Paramount, Ellison’s appointment of Kreiz is all about picking a leader who can integrate, operationalize and manage the two businesses as “they build one of the most ambitious next-generation media companies in the industry’s history.”
The merger brings together Paramount and WBD film and TV studios, linear networks like CBS, CNN, Discovery, HBO, TNT, TBS, MTV, HGTV, Showtime, and streaming operations with HBO Max, Paramount+ and Pluto TV, among other assets – serving audiences in more than 200 countries and territories. The combined company’s streaming platform is expected to reach 200 million-plus global subscribers. News also surfaced Thursday that WBD’s Casey Bloys is poised to run the merged entity’s streamers (which include HBO Max and Paramount+), as Paramount+ head Cindy Holland announced Tuesday that she was stepping down from her role.
As for Kreiz, as co-CEO he brings the combined company more than 30 years of experience, including at Mattel, one of the leading global play and family entertainment companies with iconic brands like Barbi, Hot Wheels, Fisher-Price and others.
At Mattel, Kreiz led a multi-year transformation across key toy categories while also expanding brands into new entertainment verticals including TV and film. Under Kreiz’s leadership Mattel marked its first-ever theatrical release with Barbie – which marked the No. 1 global box office film of 2023 and WBD’s highest-grossing movie of all time.
Prior to Mattel, he was chairman and CEO of Maker Studios, a short-form video content company and one of YouTube’s largest multichannel networks, which was acquired by Disney. Before that he was chair and chief at independent TV production company Endemol Group, which produced more than 10,000 hours of programming a year and owned global franchises like Big Brother and Deal or No Deal. Earlier in his career, Kreiz was a general partner at Balderton Capital and previously served as Chairman and CEO of Fox Kids Europe NV.
In announcing Kreiz’s appointment, Ellison said that the marriage of Paramount and WBD is a “transformational moment” for the industry.
“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 Ynon, I'm adding a partner with strong leadership and the operating firepower this integration demands. It's a division of labor built on our complementary strengths, with clear reporting lines and it lets me focus where I can contribute most: long-term strategy, the company's overall creative direction, talent relationships, strategic partnerships, technology and capital allocation,” Ellison stated. “We're like-minded, we see this business the same way and there's no one I'd rather partner with. Together we'll build one integrated company that is creator-first, tech-forward and built to scale globally."
Kreiz in a statement cited excitement to bring together premium content and icon tic brands to serve global audiences “across every entertainment vertical and distribution platform, while also noting changing dynamics in the industry.
“The industry is at an inflection point, demanding evolution, investment, and a willingness to rethink business models. I look forward to working with the leadership team to build a cohesive global entertainment platform — one that stands out with best-in-class operations and execution powered by technology, with unparalleled creative relationships, production capabilities, and global reach,” Kreiz stated. “We will continue empowering creators, make this company a greenfield for innovation and storytelling, and collaborate with key partners to reach and engage fans worldwide."
Once Paramount and WBD complete their merger, the company expects to be guided by four overarching strategic priorities, including “to win in content, become the most technologically capable media company, maximize operational efficiencies and earn trust…”
From a financial perspective, Paramount expects to realize more than $6 billion in run-rate synergies from the deal.