Ynon Kreiz, former Mattel CEO, was named co-CEO of the merged Paramount-Warner Bros. Discovery company on September 30, 2026, following a federal judge’s approval of the merger settlement. The deal, valued at $24 billion in equity, aims to create a global media giant led by Kreiz and David Ellison. The settlement, reached on September 21, 2026, cleared the way for Paramount’s takeover of Warner Bros. Discovery, a deal approved by the Trump administration in June 2026 without requiring business changes. A federal judge, Araceli Martinez-Olguin of California, signed the consent decree, binding Paramount to commitments that included a board to protect CNN’s editorial independence. The court retains enforcement power over these safeguards.
Kreiz’s Role in the Merger
Ynon Kreiz, who transformed Mattel into an entertainment powerhouse through the 2023 blockbuster “Barbie,” will co-lead the merged Paramount-Warner Bros. Discovery company alongside David Ellison. The appointment, announced by Ellison, positions Kreiz to oversee day-to-day operations and integration, while Ellison focuses on strategy, creative direction, and technology. The Hollywood Reporter noted that Kreiz’s expertise in expanding toy IP into film and TV aligns with the merged company’s goals. Kreiz’s exit from Mattel, effective October 2, 2026, was framed as a move to a very senior role at another public company, later confirmed as the merged Paramount-Warner Bros. entity. An insider described landing Kreiz as proof that we should never underestimate David Ellison,
highlighting his ability to attract high-profile talent.
Kreiz’s tenure at Mattel, which saw the “Barbie” movie gross $1 billion in its first weeks, underscores his track record in turning IP into global phenomena. His strategy to blend toys with entertainment—evident in partnerships with Warner Bros.—positions him to drive similar success at the merged entity. A 2018 Bloomberg interview revealed Kreiz began focusing on the Barbie movie three weeks after joining Mattel, a move that expanded the company’s image from a toy manufacturer to an entertainment powerhouse. The sources also note that Kreiz oversaw Mattel’s expansion into films and TV, including the 2023 “Barbie” release, which remains the highest-grossing Warner Bros. Pictures release of all time.
Ynon Kreiz Co Ceo Paramount Warner Bros Merger
Financial Backing and Legal Hurdles
The merger, which includes $24 billion in equity from sovereign wealth funds of Saudi Arabia, Qatar, and Abu Dhabi, faced antitrust challenges from 12 U.S. states. The settlement mandates the merged company to release 30 films annually for the first two years and 32 in the following three, ensuring continued content output. Critics, including Hollywood unions, feared job cuts and reduced film production, but the decree includes protections to mitigate these risks. The sources note that the court has the power to enforce them. The deal’s financing also included backing from David Ellison’s father, Oracle founder Larry Ellison, who provided major funding and a guarantee to lenders.
The sources do not mention RTL.
The Legacy of “Barbie” and Future Ambitions
US judge accepts Paramount's Warner Bros. buyout settlement
The merger also includes plans for a Hot Wheels movie and a sequel to “Barbie,” with Greta Gerwig and Margot Robbie in talks. Ellison’s statement—Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our industry
—reflects the scale of the ambition. The sources also mention that the merged company’s board will include Ellison and Kreiz, with the power to appoint members of the editorial independence board for CBS News and CNN.
Uncertainties and Industry Reactions
While the court’s approval clears the way for the merger, uncertainties remain. Mattel’s stock fell 4.24% after Kreiz’s departure, reflecting investor concerns over the toy giant’s future. The sources also note that the merger includes Warner Bros. Pictures, CNN, and the HBO Max streaming service, with the latter’s integration seen as critical to the merged company’s streaming ambitions.
Opponents in the movie industry, including Hollywood unions, argued the combined company would slash jobs and reduce film production. However, the decree includes safeguards, such as the film output requirements, to address these concerns. The sources also mention that the merger’s approval followed a whistleblower lawsuit against Paramount’s former president, Jeff Shell, which was settled earlier in 2026. The sources do not detail the specifics of the lawsuit but note that it led to Shell’s departure.
Industry insiders, however, view the merger as a strategic move to counter streaming giants like Netflix. The next steps will hinge on how effectively Kreiz and Ellison integrate operations and address regulatory scrutiny in the coming months. The sources also highlight that Kreiz’s appointment comes after a period of leadership changes at Paramount, including the departure of Cindy Holland and the expected leadership of Casey Bloys in streaming.