Mattel Chief Executive Ynon Kreiz has been tapped to serve as co-CEO of the anticipated combined Paramount and Warner Bros. Discovery media giant, partnering with David Ellison. The leadership announcement arrived as a federal judge approved a settlement clearing the $110 billion merger.
Federal Court Clears $110 Billion Media Merger
A U.S. district judge entered an order allowing Paramount PSKY.O to close its $110 billion acquisition of Warner Bros WBD.O on Wednesday, removing a significant regulatory holdup that had stalled the massive transaction. U.S. District Court Judge Araceli Martínez-Olguín approved a Sept. 21 settlement resolving a lawsuit brought by a California-led coalition of 12 states that had sued to block one of the largest media mergers in history, saying it would create a media behemoth capable of driving up film and TV prices.
Under the terms of the court-approved settlement, the newly combined company agreed to minimum production and theatrical release commitments. Paramount must release at least 30 films a year in U.S. theaters for five years, while spending an extra $300 million a year on US production. Falling short of the film quota could force it to sell Miramax. It must also negotiate basic cable deals separately for the two companies’ channels and create a board of journalists to oversee CBS News and CNN. Groups opposed to the merger objected strongly to the settlement, with some urging the court to reject it.
CHAIRMAN AND CEO DAVID ELLISON ANNOUNCES YNON KREIZ CO-CEO
Court finds the proposed consent decree represents a reasonable factual and legal resolution of the dispute. Judge Araceli Martínez-Olguín, U.S. District Court
Martínez-Olguín called the deal a reasonable factual and legal resolution,
saying objectors’ hopes for the decree to reach farther – to achieve more – do not rise to the level of legal violations
warranting rejection. A spokesperson for the California Department of Justice said the settlement resolves our antitrust concerns…, protects competition and consumer choice, and centers the needs, concerns, and futures of California workers
. In addition to the state antitrust settlement, the companies also settled a Writers Guild of America antitrust lawsuit, agreeing to pay $17.5 million to the guild’s health fund and maintain WGA staffing levels at CBS News for five years.
Ynon Kreiz Joins David Ellison at the Top
Following the court’s green light, Paramount disclosed that David Ellison named Ynon Kreiz as co-CEO of the combined enterprise, effective upon the closing of the deal. Kreiz, who will start at Paramount, effective October 5, 2026, joins Ellison from Mattel, a leading global play and family entertainment company where he has served as Chairman and CEO since 2018, leading an unprecedented transformation of the business and the execution of its multi-platform, brand-centric strategy. Upon closing, Ellison will remain Chairman and CEO of the newly combined company, and Kreiz will serve as Co-CEO and join the Board of Directors. Together, they will oversee the combined company’s businesses, which will report jointly to both.
Mattel CEO Ynon Kreiz Nears Deal to Join David
The pairing divides responsibilities along complementary skill sets. Ellison’s appointment of Kreiz caps a long-term plan: pursue both Paramount and Warner Bros. Discovery, then partner with a leading executive of his caliber to integrate, operationalize and manage the businesses as they build one of the most ambitious next-generation media companies in the industry’s history. Industry observers noted that the addition of a seasoned executive provides Ellison with a veteran operational hand to help manage the vast studio assets, which unite Paramount Pictures and Warner Bros as well as streaming services Paramount+ and HBO Max and the TV networks CBS and CNN.
Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our industry. 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. David Ellison, Chairman and CEO of Paramount Skydance Corporation
Kreiz departs Mattel after leading the iconic toy manufacturer since 2018, where he steered the Barbie doll and Hot Wheels-maker through the operational challenges from the COVID-19 pandemic, as well as President Trump’s tariffs, sources noted. Prior to his tenure at Mattel, Kreiz previously served as the president of Maker Studios where he negotiated its sale to Disney, and before that, he was CEO of the European production company Endemol.
Management Changes and Integration Strategy
Mattel chief tapped to be co-CEO of Paramount-WBD with
The leadership transition follows other executive shifts within the studio. Jeff Shell had been slated to be named president of the combined companies before he was forced to settle a whistleblower lawsuit that claimed he leaked confidential information. Insiders told the New York Post that filling the management gap with an executive of Kreiz’s stature gives the combined firm a formidable operator.
Streaming leadership is also shifting. Mattel announced Kreiz’s departure Wednesday morning, naming Conde Nast CEO Roger Lynch as his replacement.
Next Steps for the Combined Enterprise
With the federal court order entered and judicial consent secured, Paramount prepares to finalize the Warner Bros. Discovery transaction in the coming days. Leadership is expected to issue further announcements regarding top-level organizational structure as the two corporate entities formally combine.