Ynon Kreiz, who is stepping down as Mattel’s CEO after eight years, will become co-CEO of the combined Paramount and Warner Bros.
Discovery company alongside David Ellison, Paramount announced on Wednesday, and the appointment comes as the $111 billion merger moves toward its expected Oct. 6 closing.
Kreiz will join Paramount on Oct. 5 and become co-CEO once the transaction closes. He will oversee the combined company’s day-to-day operations and integration, while Ellison, who serves as chairman and CEO, will lead strategy, creative and technology functions. The businesses of the merged company will report jointly to both executives.
The announcement came shortly after U.S. District Judge Araceli Martínez-Olguín approved Paramount’s settlement with 12 state attorneys general who had sued to block the Warner Bros. Discovery acquisition and the ruling removed the final major legal obstacle to the transaction, according to Variety.
READ: Paramount demands $1.88 billion bond from states, WGA over Warner Bros. merger (September 9, 2026)
Ellison said Kreiz brings strategic and operational experience that will complement his own responsibilities as the companies are integrated.
“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 a statement. He added that Kreiz would provide “the operating firepower this integration demands.”
Kreiz said he was “excited to partner with David to build the next-generation media and entertainment company,” citing the opportunity to bring together premium content and established brands across entertainment and distribution platforms.
Kreiz has led Mattel since 2018 and before joining the toy company, he served as chairman and CEO of Endemol Group and later led Maker Studios, a digital content company acquired by Disney in 2014. Earlier in his career, he co-founded Fox Kids Europe.
During his tenure at Mattel, Kreiz oversaw the company’s move into film and television, including the development of “Barbie.”
The 2023 film, starring Margot Robbie and directed by Greta Gerwig, became the top-grossing film worldwide that year and Warner Bros. Pictures’ highest-grossing film at the time, according to Mattel and Variety.
READ: Paramount to exit California as Warner Bros. merger could face antitrust lawsuit (July 13, 2026)
Mattel announced on Wednesday that Kreiz will step down as chairman and CEO effective Oct. 2. Roger Lynch, the CEO of Condé Nast, has been named his successor.
Meanwhile, the Paramount-Warner Bros. Discovery merger received court approval Wednesday after Martínez-Olguín approved a settlement between Paramount and the coalition of 12 states.
Under the agreement, the combined company must release at least 30 films annually for its first two years and 32 annually for the following three years, while also investing an additional $300 million annually in U.S. film production.
Actor Mark Ruffalo, a prominent opponent of the merger, criticized the court’s decision.
“This merger will stifle creativity, weaken free speech, and cost people their jobs – it is a bad deal for this country and should never have been approved,” Ruffalo wrote on X.
He had previously urged California Attorney General Rob Bonta not to settle the states’ case, writing, “Don’t you dare @AGRobBonta, do not cave.”
Paramount has tentatively set Oct. 6 as the closing date for the merger, according to regulatory filings.