David Ellison appointed Ynon Kreiz as co-CEO of the combined Paramount Skydance and Warner Bros. Discovery entity, which closes as "Skydance" on Tuesday. Kreiz, the outgoing CEO of Mattel, will assume the role immediately upon merger completion.
The combined company unites Paramount and Warner Bros. film studios, CBS, pay-TV networks including CNN, TNT, MTV and BET, and streaming services Paramount+ and HBO Max. The merger values WBD at roughly $110 billion on an enterprise basis and follows Ellison's acquisition of Paramount for approximately $8 billion in August 2025.
Ellison, who led Skydance's initial limited portfolio centered on the Mission: Impossible franchise and "Top Gun: Maverick," will focus on long-term strategy, creative vision, technology and capital allocation. Kreiz will manage day-to-day operations and lead the integration of the two legacy media companies.
Kreiz spent 30 years in media before his eight-year tenure as Mattel CEO. He previously served as chief executive of Maker Studios, which Disney acquired in 2014, and as chairman and CEO of Endemol Group, a major television production company. Early in his career, he co-founded Fox Kids Group Europe, also purchased by Disney in 2002.
At Mattel, Kreiz reversed a four-year revenue decline that had eroded profitability following Toys R Us's bankruptcy. He cut approximately $1 billion in costs by eliminating product SKUs, rationalizing business lines, restructuring the supply chain, closing manufacturing facilities and reducing headcount by 2,200 employees. He created an in-house film division that partnered with Warner Bros. to produce "Barbie," directed by Greta Gerwig, which generated over $1.4 billion globally and revitalized the Barbie brand.
Wall Street analysts view the appointment favorably. Citizens Bank analyst Matthew Condon stated that Kreiz's operating experience and focus on brand and intellectual property position him well to lead integration and build a premier content and IP platform. Roth Capital Partners managing director Eric Handler called it "an excellent choice for Paramount." Gerrick Johnson of Seaport Research Partners cited Kreiz's structural improvements and cost management at Mattel as preparation for the complex merger ahead.
Some analysts expressed caution. Morningstar senior equity analyst Matthew Dolgin wrote that while Kreiz fills a void and leaves the firm better positioned, "he is not the best conceivable choice to handle this task," viewing the co-CEO title as functioning more as chief operating officer than true co-leadership.