David Ellison has appointed Ynon Kreiz as co-CEO of the combined Paramount Skydance and Warner Bros. Discovery entity, set to close on Tuesday. The merger brings together Paramount and Warner Bros. film studios, the CBS broadcast network, pay-TV networks including CNN, TNT, MTV and BET, and streaming services Paramount+ and HBO Max.
Kreiz, who steps down as Mattel CEO, will handle day-to-day operations and integration of the combined businesses. Ellison will focus on long-term strategy, creative vision, technology and capital allocation. The deal values the enterprise at roughly $110 billion.
Kreiz brings 30 years of media experience. He led Mattel through a turnaround starting in 2018, when the toy company faced four years of revenue decline. He cut approximately $1 billion in costs, restructured the supply chain, reduced SKU counts, closed manufacturing facilities and eliminated 2,200 jobs. He also launched Mattel's in-house film division, which partnered with Warner Bros. to produce "Barbie," a film that generated over $1.4 billion at the global box office.
Prior to Mattel, Kreiz was CEO and chairman of Maker Studios, sold to Disney in 2014. He previously led Endemol Group, one of the world's largest independent television production companies, and co-founded Fox Kids Group Europe, acquired by Disney in 2002.
Wall Street analysts view the appointment positively. Matthew Condon at Citizens Bank called Kreiz's operating experience and focus on brand and IP "uniquely positioned" to lead integration and build a best-in-class content platform. Gerrick Johnson at Seaport Research Partners praised Kreiz's structural improvements at Mattel, including rapid cost cuts and supply-chain rationalization.
Some analysts tempered expectations. Matthew Dolgin at Morningstar noted Kreiz is "experienced" but questioned whether he represents the best choice for the role, characterizing him functionally as chief operating officer despite the co-CEO title. Eric Handler at Roth Capital Partners called the appointment "an excellent choice."
The appointment addresses longstanding questions about whether Ellison, a technology executive and son of billionaire Larry Ellison, can operationally manage legacy media assets. Ellison acquired Paramount for roughly $8 billion in August 2025 before launching his campaign for Warner Bros. Discovery roughly a month later.