Former Mattel chief named co-CEO of ‘ParaBros’

Paramount has named former Mattel CEO Ynon Kreiz as co-CEO of the company that will emerge from its $110 billion acquisition of Warner Bros. Discovery.

Judge clears way for Paramount-Warner Bros. Discovery merger

Kreiz will serve alongside David Ellison and assume the position when the Warner Bros. Discovery transaction closes, which is expected in early October 2026. The announcement came Wednesday shortly after a federal judge approved an antitrust settlement between Paramount, Warner Bros. Discovery and a group of state attorneys general, clearing the final legal hurdle for the deal.

Under the leadership structure, Ellison will focus on long-term strategy and the combined company’s creative direction, along with talent relationships, strategic partnerships, technology and capital allocation.

Kreiz will oversee day-to-day management and the integration of Paramount and Warner Bros. Discovery.

“In Ynon, I’m adding a partner with strong leadership and the operating firepower this integration demands,” Ellison said in a statement. “It’s a division of labor built on our complementary strengths, with clear reporting lines.”

The structure follows other media and technology companies that have adopted co-CEO models, including Netflix.

Kreiz announced his departure from Mattel earlier Wednesday. He had served as the toy company’s chairman and CEO since 2018 and oversaw its efforts to expand properties such as Barbie beyond toys and into entertainment. The 2023 “Barbie” film was produced with Warner Bros. and became a major box-office success.

Before Mattel, Kreiz served as chairman and CEO of Maker Studios before its acquisition by Disney. He previously led Endemol Group and Fox Kids Europe.

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“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,” Kreiz said.

The appointment gives Kreiz responsibility for integrating a collection of businesses that includes the Paramount Pictures and Warner Bros. film studios, CBS and CNN, HBO and other cable networks, and the Paramount+ and HBO Max streaming services.