Paramount-WBD Merger Leadership
Former Mattel CEO Ynon Kreiz Named Co-CEO of Combined Paramount and Warner Bros. Discovery
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Key Points
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Kreiz’s initial employment contract with Paramount is for five years, and he is scheduled to start on Oct. 5, before the merger closes.
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Kreiz’s stock awards—apart from his signing award—are set to vest in equal quarterly installments over three years, provided he remains employed through each vesting date.
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At Mattel, Kreiz expanded the company’s intellectual property beyond toys into film, television, digital games and live experiences; the 2023 Barbie film became Warner Bros. Pictures’ highest-grossing movie.
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The Writers Guild of America was also among the parties involved in the lengthy legal challenge that had kept the merger in limbo, alongside the 12 state attorneys general.
Ynon Kreiz, the departing CEO of Mattel, has been named co-CEO of the combined Paramount and Warner Bros. Discovery following a major legal victory. U.S. District Court Judge Araceli MartÃnez-OlguÃn approved the $110 billion merger's settlement with 12 state attorneys general on September 30, clearing the final hurdle before the deal closes on October 6. Kreiz will oversee daily operations and integration, while David Ellison remains chairman and leads strategy and creative decisions.
Kreiz's compensation package includes a $5 million annual salary, a $4.9 million target bonus, and stock awards that could push first-year pay above $46 million. Deadline reported his five-year contract with the combined studio is worth at least $35.1 million per year by 2027. The Mattel chief previously led the company's transformation into an IP powerhouse, which produced the 2023 blockbuster Barbie film.
How Kreiz and Ellison Will Split Power
David Ellison will keep the chairman title and oversee long-term strategy, creative talent, technology and capital allocation. Kreiz takes the operational reins — managing day-to-day running and merging the two massive studios. Paramount Skydance stated both executives will have senior staff report jointly to them. Ellison called Kreiz a partner whose "operating firepower" complements his strategic vision.
This dual-CEO structure is rare and carries risk. Outside analysts worry the arrangement could create deadlocks during the brutal, high-stakes integration ahead. Still, Ellison's memo to staff framed it as a "dream team" blend of strategic creativity and operational discipline. Kreiz begins his five-year contract on October 5, one day before the merger officially closes.
What Kreiz Did at Mattel to Land This Role
Kreiz transformed Mattel from a toy company into an intellectual property machine spanning film, TV, digital games and live experiences. The blockbuster Barbie film — directed by Greta Gerwig — became Warner Bros.' highest-grossing movie ever, smashing box office records. His success showed he could blend brand strategy with creative execution, a rare skill in Hollywood power struggles.
Before Mattel, Kreiz ran Maker Studios, which Disney acquired, and led European production giant Endemol. His track record of building creator-friendly operations and nurturing blockbuster IP made him attractive to a studio facing major integration challenges. Industry insiders believe his Barbie success could ease tensions between talent unions and the combined studio.
Legal Victory Removes Final Merger Obstacle
A coalition of 12 state attorneys general and the Writers Guild of America sued to block the merger on antitrust grounds, citing concerns over media consolidation. California Attorney General Rob Bonta led the charge, arguing the deal threatened worker protections and editorial independence. On September 30, Judge MartÃnez-OlguÃn approved a settlement that included $17.5 million to the WGA health fund and commitments to spend an additional $300 million yearly on U.S. domestic production.
The settlement also imposes structural guardrails: the combined company must maintain separate negotiating mechanisms for basic cable feeds and establish an independent oversight board for CBS News and CNN. Paramount-WBD must release at least 30 films in U.S. theaters annually for five years or risk forced asset sales including Miramax. Bonta called the deal a "landmark victory" for California workers and news independence.
Cost Cuts and Worker Fears Loom Large
Paramount targets over $6 billion in annual cost savings from the merger — a staggering number that has triggered worker union anxiety. The combined studio will hunt for redundancies across management, production and broadcasting functions. Both IATSE and SAG-AFTRA worry that aggressive cost-cutting could translate into widespread layoffs and reduced employment protections for crew and actors.
Kreiz's job will partly center on executing these savings without triggering a creative or talent exodus. Media consumer advocacy groups criticized the settlement as a "soft compromise" that fails to prevent massive vertical integration and potential leverage losses for talent. Industry observers will closely monitor whether Kreiz's creator-friendly reputation survives the financial pressures of integration.
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