Paramount is getting a new partner at the top. Ynon Kreiz, who ran Mattel for years, is joining the company as co-CEO alongside chairman and CEO David Ellison.
The appointment comes ahead of the close of Paramount’s $110 billion merger with Warner Bros. Discovery. Kreiz’s first day at Paramount is October 5th. He joins after leading Mattel since 2018, during which time the company released the hit Barbie film in partnership with Warner Bros. Pictures.
Who Kreiz Is
Kreiz’s resume includes a long spell at Mattel, where he oversaw the Barbie film’s production through a deal with Warner Bros. Pictures. That film became a hit.
He will now focus on day-to-day management and integrating the combined Paramount and Warner Bros. Discovery business. Ellison will handle the company’s long-term strategy, creative vision, talent relationships, strategic partnerships, technology and capital allocation.
According to Paramount, “Ellison will focus on the company’s long-term strategy, creative vision and direction, including its talent relationships, strategic partnerships, technology and capital allocation. Kreiz will focus on the company’s day-to-day management and integration of the combined businesses.”
The Settlement Clears a Hurdle
Today, a judge approved Paramount’s settlement with several states that had been blocking the Warner Bros. Discovery merger, according to Reuters. The approval removes a significant legal barrier.
The timing is notable. The merger has faced legal challenges from multiple directions, and this settlement addresses one of them. It follows a pattern of state-level opposition that has dogged the deal throughout its negotiation.
What Happens Next
Cindy Holland, Paramount’s streaming chief, announced Tuesday that she would be stepping down. Variety reports that Casey Bloys is “poised” to take over both Paramount Plus and HBO.
| Role | Person | Notes |
|---|---|---|
| Co-CEO | David Ellison | Long-term strategy, creative vision |
| Co-CEO | Ynon Kreiz | Day-to-day management, integration |
| Streaming chief | Cindy Holland | Stepping down |
| Date | Event |
|---|---|
| October 5th | Kreiz’s first day at Paramount |
| Today | Judge approves settlement with states |
| Tuesday | Holland announces departure |
| Coming soon | Merger expected to close |
What This Means for Paramount
The move gives Paramount a clear leadership structure as the merger nears completion. Ellison and Kreiz share responsibility, with Ellison focused on the big picture and Kreiz handling the day-to-day work of combining two large companies.
The Barbie film partnership shows Kreiz’s history working across companies. That experience could come in handy as he integrates Paramount and Warner Bros. Discovery, a job that requires coordinating between the two companies’ operations.
The settlement approval removes a legal threat. Combined with the leadership shake-up, Paramount now has a clearer path forward.
Kreiz’s first day at Paramount falls on October 5th. The merger remains the defining project of Ellison’s tenure, and Kreiz’s arrival adds another executive to the mix.
This is a relief. The merger finally has a clear leadership structure, with Ellison and Kreiz sharing responsibility, and the settlement approval clears another hurdle on the road to closing.
See the a run of 28 images at The Verge.
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