Paramount names Mattel CEO co-CEO of combined company
LOS ANGELES (KESQ) - Paramount Chairman and CEO David Ellison announced today that Mattel Chairman and CEO Ynon Kreiz will become co-CEO of the combined Paramount and Warner Bros. Discovery when the companies' merger closes.
Kreiz will begin at Paramount Oct. 5 and join the board of directors of the combined company at closing, according to Paramount. Ellison will remain chairman and CEO.
Ellison will lead the company's long-term strategy, creative direction, talent relationships, strategic partnerships, technology and capital allocation, while Kreiz will oversee daily operations and integration of the combined businesses.
"Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our industry,'' Ellison said.
"In Ynon, I'm adding a partner with strong leadership and the operating firepower this integration demands,'' he added.
Kreiz has led Mattel since 2018, overseeing the toy company's expansion into film, television, consumer products, digital games, live events and publishing. Mattel's first theatrical release, 'Barbie,'' was the top-grossing film worldwide in 2023 and Warner Bros. Pictures' highest-grossing movie, according to Paramount.
Before joining Mattel, Kreiz was chairman and CEO of Maker Studios, which was acquired by The Walt Disney Co., and chairman and CEO of Endemol Group, an independent television production company behind franchises including "Big Brother'' and "Deal or No Deal.''
He was also co-founder, chairman and CEO of Fox Kids Europe, which operated pay-TV channels in Europe and the Middle East before being acquired by Disney.
"I'm excited to partner with David to build the next-generation media and entertainment company bringing together premium content and iconic brands at the highest quality and scale, serving global audiences across every entertainment vertical and distribution platform,'' Kreiz said.
A federal judge approved Paramount's settlement with California and 11 other states earlier Wednesday, clearing the way for the $110 billion merger to close. Ellison has said the transaction is expected to close in early October.
The combined company would include Paramount Pictures, Warner Bros. Pictures, CBS, CNN, HBO, HBO Max, Paramount+, MTV, TBS, TNT, Comedy Central, Food Network, Discovery, HGTV, Nickelodeon, Cartoon Network, BET, Showtime, Pluto TV and other businesses.
