Ynon Kreiz Anointed Co-CEO Of New Paramount-WBD; David Ellison Says Mega-Studio Is “Transformational Moment For Our Industry”

Mere minutes after a federal judge signed-off on the antitrust settlement deal between Paramount, Warner Bros Discovery and a dozen blue state Attorneys General, David Ellison has unveiled a co-CEO for his $111 billion merger company.

“Paramount Skydance Corporation (NASDAQ: PSKY) (the “Company”) today disclosed that David Ellison has announced Ynon Kreiz as Co-CEO of the anticipated merged company, effective at closing,” said Paramount in a statement this afternoon

Having just departed his perch at Mattel, Kreiz was tapped for a top job at ParaBros — but the co-pilot gig didn’t seem to be in the cards. Having said that, Ellison clearly is a man with a plan, and an allocation of duties. “Ellison will focus on the company’s long-term strategy, creative vision and direction, including its talent relationships, strategic partnerships, technology and capital allocation,” Paramount said Wednesday. “Kreiz will focus on the company’s day-to-day management and integration of the combined businesses.”

If that sounds a lot like the job Jeff Shell thought he was doing for Ellison when the Skydance founder took over Para last year, you’re right. However, unlike Shell, who flamed out for the second corporate occasion with indiscretion, Kreiz has a full throated endorsement and delineation of what’s expected and required.

“Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our industry,” Ellison said today in the co-CEO announcement. which was a closure victory lap as well.

“Leading it takes a rare combination of strategic vision, operational depth and experience running a public company at the highest levels of media,” he added of the new co-CEO position. “Ynon brings all three. In Ynon, I’m adding a partner with strong leadership and the operating firepower this integration demands. It’s a division of labor built on our complementary strengths, with clear reporting lines and it lets me focus where I can contribute most: long-term strategy, the company’s overall creative direction, talent relationships, strategic partnerships, technology and capital allocation. We’re like-minded, we see this business the same way and there’s no one I’d rather partner with. Together we’ll build one integrated company that is creator-first, tech-forward and built to scale globally.”

Having helped shepherd Barbie to billion dollar plus big screen success at WB in 2023, ex-Mattel bigwig Kreiz had his own version of that “next-generation” catch phrase today too.

“I’m excited to partner with David to build the next-generation media and entertainment company — bringing together premium content and iconic brands at the highest quality and scale, serving global audiences across every entertainment vertical and distribution platform,” the soon-to-be co-CEO said.

Kreiz added: “David is a unique talent and executive: a rare blend of business acumen, creative instinct, and clear vision. I very much share that vision, and I’m inspired by what we can accomplish together. The industry is at an inflection point, demanding evolution, investment, and a willingness to rethink business models. I look forward to working with the leadership team to build a cohesive global entertainment platform — one that stands out with best-in-class operations and execution powered by technology, with unparalleled creative relationships, production capabilities, and global reach. We will continue empowering creators, make this company a greenfield for innovation and storytelling, and collaborate with key partners to reach and engage fans worldwide.”

With all that, Paramount’s in-house Cardinal Richelieu laid out the synergy at play

David has done what few modern executives have accomplished. He has led this company through not one but two historic acquisitions, while also running the business and building a team that’s already exceeding our synergy targets, beating our financial metrics, and never wavering on our commitment to the creative community. Ynon has spent his career at the intersection of media, technology and franchise-building — pairing extraordinary storytelling with the technology to deliver it to fans everywhere. He understands not just how fans connect with the IP they love, but the economics that make entertainment endure. Great leaders accomplish great things. Historic ones know when to bring in the right partner to make it last — and that’s what David has done. It’s exactly why the company will have the operational firepower and the cutting-edge leadership to win.”