David Ellison has appointed former Mattel CEO Ynon Kreiz as co-CEO of the newly formed Skydance, bringing together Paramount and Warner Bros. Discovery in a merger slated to close on Tuesday, following a federal judge’s approval of a settlement with 12 state attorneys general.
The landscape of Hollywood entertainment is officially being redrawn. Following a federal court order in Chicago on September 30, 2026, U.S. District Judge Araceli Martínez-Olguín approved a consent decree resolving an antitrust lawsuit brought by a coalition of state attorneys general led by California’s Rob Bonta. That ruling cleared the final legal hurdle for the massive merger between Paramount Skydance and Warner Bros. Discovery. The combined parent entity will drop legacy studio naming conventions for corporate branding and simply be called Skydance.
The newly formed giant will unite the historic film studios of Paramount and Warner Bros. alongside the CBS broadcast network, cable television networks like CNN, TNT, MTV, and BET, and streaming services Paramount+ and HBO Max. Larry Ellison, the billionaire co-founder of Oracle, backed his son David’s pursuit of the merger by personally guaranteeing $40.4 billion. Skydance itself began in 2006 when David Ellison launched the production company at age 23, later expanding from film and television production into sports and animation divisions.
Ynon Kreiz Joins David Ellison to Lead the Combined Studio
David Ellison, who acquired a majority stake in Paramount through Skydance in August 2025, announced the C-suite structure for the newly minted media giant ahead of the Tuesday closing date. Ellison will serve as chairman and CEO of the combined enterprise, retaining control over long-term strategy, creative vision, technology initiatives, and capital allocation.
Stepping in alongside Ellison as co-CEO is Ynon Kreiz, the outgoing chief executive of Mattel. Kreiz, 61, grew up in Ramat Gan, studied at Tel Aviv University, worked as a windsurfing instructor, and later moved to Los Angeles to pursue an MBA at UCLA before leading companies such as Endemol and Mattel. Kreiz will focus primarily on day-to-day operations and business integration. Andy Gordon, currently serving as Paramount’s chief strategy officer and chief operating officer, will step into the role of president, reporting jointly to Ellison and Kreiz. All three executives will sit on the newly formed board of directors.
Wall Street analysts have offered mixed assessments of the leadership appointment.
Creative Leadership Across Television, Streaming, and Film Divisions
Below the corporate suite, Skydance has distributed executive responsibilities across both legacy corporate footprints. Casey Bloys, who served as chairman and CEO of HBO and Max content, takes on the role of co-chair and chief content officer for the direct-to-consumer division, where he will oversee programming for both HBO Max and Paramount+. He shares direct-to-consumer and television oversight with Jean-Briac Perrette, who previously managed global streaming and games at Warner Bros. Discovery.
George Cheeks, previously co-CEO of Paramount, will lead Skydance TV alongside Perrette. That sprawling television division unites three television studios, the CBS Television Network, 27 local television stations, and more than 50 cable networks. Mark Thompson will remain in place as chairman and editor-in-chief of CNN Worldwide, while Bari Weiss continues running CBS News.
On the film side, Dana Goldberg and Josh Greenstein will serve as co-chairs of the Skydance Motion Picture Group, overseeing Paramount Pictures and Warner Bros. James Gunn and Peter Safran retain their leadership positions as co-chairmen of DC Studios. Dennis Cinelli continues in his role as chief financial officer.
Combined Company Must Increase Domestic Film Production Spending
The federal court approval followed resistance from various coalitions.
- Spend at least $300 million more each year in domestic film production above prior baseline levels.
- Continue to operate both legacy studios’ production lots and honor existing bargaining agreements with Hollywood unions.
- Face potential penalties including a $30 million fine for each film the company falls short of the annual film quota.
The newly combined company faces the dual challenge of integrating its operations while managing a massive integration situation and attempting to build a lean, cost-efficient business that maximizes storied franchises such as Mission: Impossible, Top Gun: Maverick, and Warner’s century-old catalog.
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