Paramount Skydance CEO David Ellison announced the appointment of outgoing Mattel CEO Ynon Kreiz as his co-CEO for the upcoming merger of Paramount and Warner Bros. Discovery.
Company shares rose more than 3% Thursday following the announcement.
According to a press release, the pair will lead as “one team,” with Kreiz set to take on the media company’s operational duties. Kreiz will become co-CEO effective at the merger’s closing and will also join the company’s board of directors.
Paramount Skydance CEO David Ellison told investors, “Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our 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. 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.”
Ynon Kreiz said: “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. David is a unique talent and executive: a rare blend of business acumen, creative instinct, and clear vision. I very much share that vision, and I’m inspired by what we can accomplish together. 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. 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.”
The announcement follows less than two weeks after Paramount settled an antitrust lawsuit with several state attorneys general that aimed to prevent the $110 billion merger. On Wednesday, a federal judge ordered the merger to proceed.
In a separate release late Wednesday, Paramount said the merger would close on Oct. 6
By CEO NA Editorial Staff
