David Ellison names Ynon Kreiz as Paramount-WBD co-CEO
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Paramount Skydance chair and CEO David Ellison said Wednesday that longtime Mattel CEO Ynon Kreiz will become co-CEO of the soon-to-be combined Paramount-Warner Bros. Discovery.
Why it matters: Kreiz brings experience building consumer franchises that span traditional, digital and live entertainment, as well as retail products, as Ellison looks to integrate two legacy entertainment companies.
Zoom in: The hire allows Ellison to focus on strategy while Kreiz manages day-to-day operations.
- In a statement, Paramount said Ellison "sought a partner with the operating firepower to help usher in a new era of entertainment — duo prepared to unlock value for the creative community, shareholders and audiences alike."
- Together, Ellison and Kreiz will oversee the combined company's businesses, which will report jointly to both.
- Kreiz will also join the board of directors. Earlier Wednesday, Mattel announced Kreiz was leaving the company after eight years as CEO.
Context: On Wednesday, U.S. District Judge Araceli Martínez-Olguín approved Paramount's settlement with 12 state attorneys general, allowing the WBD acquisition to close.
- Paramount said Kreiz will start at the company Oct. 5. Executives have said they expect the merger to close in early October.
The intrigue: The press release did not mention whether current WBD executives, including CEO and president David Zaslav, would remain with the combined company after the deal closes.
- Paramount had previously offered Zaslav a co-CEO and co-chair role as a part of an early bid for the company.
What's next: A source said details about the broader executive leadership team aren't likely to be announced for a few days.
