Mattel’s Ynon Kreiz Named As Co-CEO of David Ellison’s Paramount-Warner Bros.

After much buzz, Paramount CEO David Ellison has officially announced Mattel exec Ynon Kreiz as co-CEO of the merged Paramount and Warner Bros. Discovery company.

Ellison will focus on “the company’s long-term strategy, creative vision and direction, including its talent relationships, strategic partnerships, technology and capital allocation,” the company said, while Kreiz will focus on day-to-day management and integration of the combined businesses.

Kreiz’s exit as CEO of Mattel was announced Wednesday morning. Shortly after, The Hollywood Reporter reported that the executive, who was responsible for shepherding box office hits like Barbie, was nearing a deal for a position at Ellison’s company.

“Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our industry. Leading it takes a rare combination of strategic vision, operational depth and experience running a public company at the highest levels of media. 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,” Ellison said.

“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. 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,” Kreiz said.

While Kreiz joins Paramount from a toy and consumer products giant, his background is in entertainment having previously worked as the chairman and CEO of the European media production company Endemol, and as he CEO of Maker Studios, which he helped sell to Disney for $500 million. He helped launch Fox Kids Europe with Haim Saban, and worked as a venture capitalist, investing in media and tech startups.

At Mattel, he made entertainment a bigger priority, partnering with Warner Bros. on the smash hit Barbie movie, and inking a deal for a Hot Wheels movie still in development.

As co-CEO he will have more authority than former Paramount president Jeff Shell, and with Ellison outlining “a division of labor built on our complementary strengths, with clear reporting lines,” he will likely be empowered to take action in the parts of the business where needed, even if Ellison ultimately controls the company.

Of course the combined Paramount-Warners will also be an order of magnitude bigger than Paramount was, with a global footprint that dwarfs what Paramount alone is today. At Mattel, Kreiz also led the company through the COVID-19 pandemic, as well as President Trump’s tariffs, which each challenged the company. He will be a steady hand with experience running a public company that can help manage Paramount-Warners as it restructures, pays down debt and ultimately seeks to build itself into a formidable entertainment and tech player.