David Ellison appointed Ynon Kreiz as co-CEO of the combined Paramount Skydance and Warner Bros. Discovery entity, which closes on Tuesday, addressing questions about whether the tech executive can lead legacy media operations alongside acquiring them.
Kreiz, 30-year media veteran and outgoing Mattel CEO, joins as co-CEO while Ellison focuses on long-term strategy, creative vision, technology and capital allocation. Kreiz will oversee day-to-day management and integration of the roughly $110 billion merger of two major Hollywood studios and networks.
The appointment signals confidence in Kreiz's operational expertise. At Mattel, he reversed a four-year revenue downturn that had cost the company profitability. He cut $1 billion in costs, reduced product lines, closed manufacturing facilities, eliminated 2,200 jobs and restructured supply chains. He also launched Mattel's in-house film division, which produced the $1.4 billion global box office "Barbie" in 2023.
Prior to Mattel, Kreiz served as CEO of Maker Studios (sold to Disney in 2014) and chairman and CEO of Endemol Group, a major independent television producer. He co-founded Fox Kids Group Europe, acquired by Disney in 2002.
Wall Street analysts offered mixed assessments. Matthew Condon at Citizens Bank praised Kreiz's operating experience and brand focus as ideal for integration and building a content and IP platform. Eric Handler at Roth Capital Partners called it "an excellent choice." Gerrick Johnson at Seaport Research Partners highlighted Kreiz's structural improvements at Mattel, including SKU elimination and business rationalization.
Matthew Dolgin at Morningstar viewed the appointment positively but questioned whether Kreiz was the best conceivable choice. He characterized Kreiz as effectively a chief operating officer despite the co-CEO title.
Ellison spent two years building his media empire. In August 2025, he closed Paramount's acquisition for around $8 billion, then pursued Warner Bros. Discovery roughly a month later. Skydance previously operated with limited hits beyond the Tom Cruise Mission: Impossible franchise and "Top Gun: Maverick."
The combined entity unites Paramount and Warner Bros. film studios, CBS broadcast network, pay-TV networks including CNN, TNT, MTV and BET, and streaming services Paramount+ and HBO Max.