Ynon Kreiz will join David Ellison as co-CEO of Paramount and Warner Bros. Discovery starting October 5, 2026, ahead of their $110 billion merger closing. Ellison will direct creative and tech strategy while Kreiz oversees daily operations and deal integration following a legal settlement cleared by a federal judge.
Paramount Skydance and Warner Bros. Discovery have secured the legal path to finalize their massive media consolidation. A California federal judge cleared the way for the transaction by approving a settlement with 12 state attorneys general who had challenged the deal, according to Livemint. The agreement requires the combined studio to release at least 30 films annually in theaters and establish an editorial independence board, as detailed by Yahoo Finance.
Into that sprawling newly formed giant steps Ynon Kreiz, the former Mattel chief executive who guided the Barbie
film adaptation to global box office success, as reported by CNBC. Kreiz officially starts his new role on October 5, 2026, one day before the $110 billion merger formally closes on October 6, according to Deadline. David Ellison will serve as chairman and CEO of the combined enterprise, focusing on long-term strategy, technology, and capital allocation.
Executive Power Sharing and the Ellison Memo to Employees
David Ellison outlined the division of labor in an internal memo obtained by Business Insider. While Ellison retains command of creative and technological vision, Kreiz takes charge of day-to-day operations and integration across the sprawling assets of both legacy studios. Before stepping into his new role, Kreiz spent time building a media career that included running Fox Kids Europe before selling the business to Disney in 2002, leading the Dutch reality-TV producer Endemol Group, and turning around Maker Studios before selling it to The Walt Disney Co. for $500 million.
Once the WBD transaction is finalized, I always planned to partner with an executive of Ynon’s caliber. Our skills and experience complement each other, and we share a vision for what this company can become.
David Ellison, via Business Insider
Ellison further praised his new second-in-command in the memo by noting, If you don’t know Ynon yet, you’re about to. If you do, you already know how lucky we are.
Insiders cited by Cosmic Book News note that Kreiz is expected to handle difficult integration duties and operational efficiencies. Meanwhile, other executive movements have drawn attention, including a private three-hour dinner at Marea in Beverly Hills between Kreiz and former Walt Disney Television chairman Peter Rice, who is untethered by any contract and widely considered a potential candidate to join Ellison’s combined studios.
Lucrative Compensation Package and SEC Filing Disclosures
Paramount detailed Kreiz’s financial compensation in a regulatory SEC filing submitted on Thursday, according to Variety. His five-year contract features an initial year total exceeding $46.5 million. That figure includes a one-time signing bonus of fully vested restricted stock units valued at $31.5 million.
Once the merger closes, Kreiz will collect an annual base salary of $5 million, backed by an annual bonus targeted at $4.9 million, as reported by The Hollywood Reporter. The agreement also grants him 1.25 million shares of Class B common stock as a pre-closing award, alongside additional restricted stock units worth up to $5.1 million granted within 15 days of the merger’s completion. On the first anniversary of his contract, he will receive an annual equity award of $20.1 million. This new compensation structure places him at or above the range of his recent pay at Mattel, where he took home $18.9 million in 2023, $37.8 million in 2024, and $15.1 million last year.
Analysts Cite Kreiz Experience Reversing Revenue Downturn at Mattel
Financial analysts view the appointment as a necessary operational anchor for a complex merger. Richard Handler and other Wall Street observers noted that Kreiz successfully reversed a four-year revenue downturn at Mattel, restoring profitability after the toy giant cycled through four CEOs in four years and reeled from the bankruptcy of Toys R Us.
He undoubtedly is an experienced hand who fills a void that had been present, leaving the firm better positioned with him, in our view, than it was without him. Though his title is co-CEO, we view Kreiz as a chief operating officer.
Matthew Dolgin, senior equity analyst at Morningstar, via CNBC
His background also includes an MBA from UCLA, anchoring a career built on taking bold operational chances.
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