Mere minutes after a federal judge signed off Wednesday on the antitrust settlement deal between Paramount, Warner Bros Discovery and a dozen blue state attorneys general, David Ellison has named Ynon Kreiz co-CEO of his soon-to-expand media giant.

In a statement, Paramount said the former Mattel CEO would assume his new post upon the close of the deal, which is expected early next week.

Kreiz, who announced his exit from Mattel earlier Wednesday, was already talking with Ellison about a high-level exec post at ParaBros – but the co-pilot gig didn’t always seem to be in the cards. Having said that, given Netflix‘s success with co-CEOs in Ted Sarandos and Greg Peters and Comcast and Spotify following suit with the structure, Ellison saw fit to divvy up the responsibilities given the scope of the new entity.

“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 said. “Kreiz will focus on the company’s day-to-day management and integration of the combined businesses.”

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The latter half of the above sounds a lot like the job Jeff Shell thought he was doing for Ellison as president when the Skydance founder took over Paramount in August 2025. However, unlike Shell, who departed under a cloud last April, Kreiz has a full-throated endorsement and more complete delineation of what’s expected of him.

“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.

“Leading it takes a rare combination of strategic vision, operational depth and experience running a public company at the highest levels of media,” he added of the new co-CEO position. “Ynon brings all three. In Ynon, I’m adding a partner with strong leadership and the operating firepower this integration demands. It’s a division of labor built on our complementary strengths, with clear reporting lines and it lets me focus where I can contribute most: long-term strategy, the company’s overall creative direction, talent relationships, strategic partnerships, technology and capital allocation. We’re like-minded, we see this business the same way and there’s no one I’d rather partner with. Together we’ll build one integrated company that is creator-first, tech-forward and built to scale globally.”

Having helped shepherd Barbie to billion-dollar-plus big-screen success at Warner Bros in 2023, ex-Mattel bigwig Kreiz had his own version of that “next-generation” catch-phrase today too.

“I’m excited to partner with David to build the next-generation media and entertainment company — bringing together premium content and iconic brands at the highest quality and scale, serving global audiences across every entertainment vertical and distribution platform,” he said.

Before taking the reins at Mattel in 2018, Kreiz had led Maker Studios as CEO prior to its acquisition by Disney and also run Endemol Group and Fox Kids Europe.

Kreiz added: “David is a unique talent and executive: a rare blend of business acumen, creative instinct, and clear vision. I very much share that vision, and I’m inspired by what we can accomplish together. The industry is at an inflection point, demanding evolution, investment, and a willingness to rethink business models. I look forward to working with the leadership team to build a cohesive global entertainment platform — one that stands out with best-in-class operations and execution powered by technology, with unparalleled creative relationships, production capabilities, and global reach. We will continue empowering creators, make this company a greenfield for innovation and storytelling, and collaborate with key partners to reach and engage fans worldwide.”

With all that, Paramount’s in-house Cardinal Richelieu laid out the synergy at play.

“David has done what few modern executives have accomplished,” said Gerry Cardinale, the RedBird Capital Partner founder and Paramount board member said in today’s release. “He has led this company through not one but two historic acquisitions, while also running the business and building a team that’s already exceeding our synergy targets, beating our financial metrics, and never wavering on our commitment to the creative community.”

A key advisor to Ellison and seen as instrumental to both the purchase of Paramount and now WBD, Cardinale added: “Ynon has spent his career at the intersection of media, technology and franchise-building — pairing extraordinary storytelling with the technology to deliver it to fans everywhere. He understands not just how fans connect with the IP they love, but the economics that make entertainment endure. Great leaders accomplish great things. Historic ones know when to bring in the right partner to make it last — and that’s what David has done. It’s exactly why the company will have the operational firepower and the cutting-edge leadership to win.”