Paramount Skydance names Ynon Kreiz co-CEO ahead of Warner Bros. Discovery merger

LOS ANGELES: Two Hollywood powerhouses are preparing to share a new leadership playbook. Paramount Skydance Corporation has named Ynon Kreiz as co-CEO of the anticipated combined company with Warner Bros. Discovery, with the appointment taking effect when the merger closes.

The move pairs Paramount Skydance chairman and CEO David Ellison with Kreiz, who will take charge of the combined company’s day-to-day operations and integration. The companies have said the merger is expected to close on 6 October 2026, subject to customary closing conditions.

Kreiz will join Paramount on 5 October and, once the transaction closes, will join the board of the combined company. Ellison will remain chairman and CEO, with responsibility for long-term strategy, creative direction, talent relationships, strategic partnerships, technology and capital allocation.

The division of responsibilities is designed to give the new company two distinct leadership tracks. While Ellison focuses on the broader creative and strategic direction, Kreiz will oversee the machinery required to bring the two businesses together and manage their operations.

“Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our industry,” said Paramount Skydance chairman and CEO David Ellison. He described Kreiz as a partner bringing strategic vision, operational experience and experience running a public media company.

Kreiz said the combination would bring together premium content and established brands across entertainment verticals and distribution platforms. He also pointed to technology, production capabilities and global reach as areas that would shape the combined company’s strategy.

The appointment gives the incoming co-CEO more than three decades of experience across media, entertainment and technology. Kreiz has been chairman and CEO of Mattel since 2018, where he led a strategy that expanded the company’s brands beyond toys into film, television, consumer products, digital games, live experiences and publishing.

One of the most visible outcomes of that strategy was Barbie, which became the highest-grossing film of 2023 globally and the highest-grossing movie in Warner Bros. Pictures’ history, according to Paramount’s announcement.

Before Mattel, Kreiz served as chairman and CEO of Maker Studios, which was acquired by The Walt Disney Company. He also led Endemol Group, known for global formats including Big Brother and Deal or No Deal, and earlier co-founded Fox Kids Europe.

His appointment comes as Paramount Skydance moves towards completing its acquisition of WBD. The transaction was announced in February 2026, with Paramount agreeing to acquire WBD for $31 per share in cash.

Regulatory clearances for the deal have been secured across nearly 70 countries, according to Paramount Skydance. The companies subsequently announced 6 October as the anticipated closing date.

The proposed combination will bring together an unusually broad collection of entertainment brands, spanning Paramount Pictures, Warner Bros. Pictures, CBS, CBS Sports, CNN, HBO, HBO Max, TNT, TBS, Discovery, Nickelodeon, MTV, Comedy Central, Paramount+, Pluto TV and others. The combined portfolio is expected to serve audiences across more than 200 countries and territories.

The company has outlined four broad priorities for the post-merger business: strengthening its content offering, building technological capabilities, improving operational efficiency and maintaining trust with creators, audiences, employees, advertisers and partners.

Paramount Skydance also expects the transaction to generate more than $6 billion in run-rate synergies, although such figures are forward-looking estimates and remain subject to the risks and uncertainties associated with completing and integrating the merger.

With Kreiz now set to handle the operational heavy lifting and Ellison retaining the strategic and creative brief, the leadership structure for the proposed media giant is taking shape just days before the expected closing. The next test will be turning two sprawling entertainment businesses into one global operation without losing the creative brands that made both valuable in the first place.