Ynon Kreiz will join forces with David Ellison to lead the combined Warner Bros. Discovery Inc. and Paramount Skydance Corp. in “one team” upon the closing of the merger on Tuesday, the company confirmed on Sept. 30.
The Mattel Inc. chief executive of eight years departed the toy giant Oct. 2, to be succeeded by Roger Lynch as chief executive and chair.
Serving as co-chief executives, Kreiz will also join the board of the combined company with Ellison serving as chairman. The tech scion will focus on long-term strategy and creative direction – from technology to capital allocation – while the Mattel veteran leads the operational side of the business.
“In Ynon, I’m adding a partner with strong leadership and the operating firepower this integration demands,” Ellison said in a statement. “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.”
Kreiz is scheduled to start at Paramount on Oct. 5, a day before the roughly $111 billion acquisition is expected to close. Leaders of the combined company will report jointly to both executives.
Final federal approval
The appointment comes on the same day U.S. District Judge Araceli Martínez-Olguín approved Paramount’s settlement with California and 11 other states that had sued to block the deal. That ruling cleared the final legal barrier to the transaction.
Under the settlement, Paramount committed to spend at least an additional $1.5 billion on U.S. film and television production over five years and to release no fewer than 30 films a year for two years, then 32 annually for the following three. If it fails, it will pay $30 million for each missing film below the quota and divest its 49% stake in Miramax, acquired in 2020 for $375 million.
The agreement also sets a 45-day theatrical window and keeps the combined company’s headquarters in Los Angeles along with its two historic studio lots in the county. It additionally creates an independent editorial board for CNN and CBS News and funds a $47.5 million training program for displaced workers.
The Writers Guild of America separately settled its own lawsuit over the deal. Paramount agreed to no layoffs among CBS writing staff for five years and a $17.5 million contribution to the guild’s health fund.
To finance the purchase, Paramount on Sept. 28 announced a $44.4 billion debt offering, consisting of $32 billion in investment-grade notes and $12.4 billion in high-yield bonds.
From toys to screens
Kreiz took the top job at El Segundo-based Mattel in 2018. During his tenure, the toy company recast itself as an intellectual property business, expanding into film, television, digital games and live experiences. Its film division produced “Barbie,” which Warner Bros. released in 2023 and became the studio’s highest-grossing film.
Kreiz has described Mattel’s strategy as a cycle in which toy sales and entertainment releases reinforce one another. Under his leadership, Mattel ranked first worldwide in the dolls, vehicles and infant and toddler categories, according to the company.
The company’s stock has struggled this year. Shares were down roughly 35% year to date before the announcement of his departure.
Before Mattel, Kreiz was chief executive of Maker Studios, the online video network Disney acquired in 2014, and chairman and chief executive of Endemol Group from 2008 to 2011. He co-founded Fox Kids Europe.
His tenure at Mattel also included several rounds of job cuts at the company’s El Segundo headquarters. Mattel eliminated 120 positions in early 2025, 89 in January 2026 and 65 more in May, according to state layoff filings and Yahoo Finance. A company spokesperson said in March that the cuts were part of a shift to a brand-centric operating structure. Mattel reported 2025 net sales of $5.3 billion, down 1% from the prior year.
Kreiz said in announcing his departure that he was leaving Mattel in a strong position. In his new role at Paramount, Kreiz will oversee integration of the two companies.
Given his extensive background in media, entertainment and branding, “he does check a lot of the boxes that could make him a very valuable addition to the team (and) take Paramount Skydance onto its execution path,” David Joyce, a senior equity analyst at Seaport Research Partners, a division of Seaport Global Securities, told Bloomberg News.
Paramount Skydance shares closed at $9.54 on Sept. 30, down about 12% from $10.88 on Aug. 28.
Technology push
Both companies have pursued artificial intelligence initiatives. In June 2025, Mattel announced a collaboration with OpenAI covering product design, content and consumer experiences, and gave employees access to ChatGPT Enterprise. Under that agreement, Mattel kept control of its intellectual property and didn’t license its brands to OpenAI.
Paramount in May hired Barak Turovsky, a former Google, Cisco and General Motors executive, as executive vice president of consumer AI. He oversees the company’s AI and machine learning efforts across Paramount+ and Pluto TV, including personalization, content discovery, consumer engagement and monetization. Ellison has said the combined company will be “tech-forward,” and technology is among the areas he will oversee directly.
At Mattel, Lynch, who was the chief executive of Condé Nast and a Mattel board member since 2018, becomes chair Oct. 2 and will assume the chief executive post on or before Nov. 2. He previously led Pandora Media and Sling TV.
Mattel credited him with expanding Condé Nast’s subscription and digital commerce businesses. Lynch said Mattel is well positioned for its next phase of growth.
Paramount has also named HBO chief Casey Bloys to run the combined streaming business. Cindy Holland, who oversaw Paramount+, is leaving the company.
Managing Editor Monée Fields-White contributed to this report.
