Paramount CEO David Ellison announced outgoing Mattel chief Ynon Kreiz will serve as the co-CEO of the anticipated combination of Paramount and WBD.
Paramount Skydance CEO David Ellison announced on Wednesday the appointment of outgoing Mattel Chief Executive Officer Ynon Kreiz as his co-CEO of the anticipated combination of Paramount and Warner Bros. Discovery .
The pair will lead as "one team," with Kreiz set to take on the operational duties of the media company, according to a press release . Kreiz will become co-CEO effective at the closing of the merger and will also join the company's board of directors.
"Ellison will focus on the company's long-term strategy, creative vision and direction, including its talent relationships, strategic partnerships, technology and capital allocation," Paramount stated in the release. "Kreiz will focus on the company's day-to-day management and integration of the combined businesses."
The announcement comes less than two weeks after Paramount settled an antitrust lawsuit with a group of state attorneys general that sought to block the $110 billion merger. A federal judge on Wednesday entered an order to allow the merger to close.
"Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our industry," said Ellison in the release. "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 a separate release late Wednesday, Paramount said the merger would close on Oct. 6
Earlier on Wednesday, Mattel announced Kreiz was departing the company after eight years in the top job . During his tenure, Kreiz led the company through major transformations and oversaw the release of "Barbie," the highest-grossing domestic film release of 2023 .
The events on Wednesday set up the end of a long back-and-forth battle through which Ellison has sought to expand his media empire.
He first set his sights on Warner Bros. Discovery i n September 2025 and since then has faced a bidding war against Netflix and a legal challenge over antitrust concerns. The transaction, which will be one of the largest media mergers in history, is expected to be completed in the coming weeks.