David Ellison is assembling a powerhouse leadership team as he prepares to launch one of the most ambitious media conglomerates in history. Paramount announced Wednesday that Ynon Kreiz, the outgoing CEO of Mattel, will join the organization as co-CEO following the massive merger between Paramount and Warner Bros. Discovery. The deal, valued at 111 billion dollars, is expected to officially close on October 6 after a judge recently cleared the final antitrust hurdle involving several state attorneys general.
The new structure creates a distinct division of labor designed to balance creative ambition with corporate discipline. While Ellison will serve as chairman and CEO focusing on long term strategy, technology, and high level creative direction, Kreiz will act as co-CEO overseeing day to day operations and the complex task of integrating two media giants into a single entity. According to company statements, this partnership is intended to combine complementary skill sets to ensure the newly formed company can scale globally while remaining focused on creators.
Kreiz arrives with a formidable reputation for brand revitalization and franchise management. During his eight year tenure at Mattel, he significantly grew market share in core toy categories and presided over the massive success of the Barbie movie, which became the highest grossing film in Warner Bros. history. His background spans various sectors of the industry, including previous leadership roles at Maker Studios and Endemol Group, making him a seasoned hand at navigating the intersection of traditional media and digital technology.
Insiders suggest that recruiting Kreiz was a calculated move by Ellison that had been unfolding behind the scenes for months. In a memo to staff, Ellison described the arrival of Kreiz as providing the operating firepower necessary for such a transformational integration. For his part, Kreiz expressed excitement about rethinking business models during an industry inflection point, promising to build a cohesive global platform that empowers storytellers and leverages cutting edge technology.
As Kreiz departs Mattel on October 2 to prepare for his official start date on October 5, 2026, Condé Nast CEO Roger Lynch has been tapped to succeed him at the toy giant. Meanwhile, investors and industry analysts are watching closely as Ellison continues his rapid consolidation of power, having already acquired Skydance Media’s stake in Paramount earlier last year before pursuing this historic union with Warner Bros. Discovery.