Current CEO of Mattel, Ynon Kreiz, will be stepping down from his role to join David Ellison as co-CEO for the new mega-merger between Warner Bros and Paramount.
Ynon Kreiz is stepping down from his role as CEO of Mattel after eight years. The decision is paired with the fact that he’s going to be joining David Ellison’s Paramount as it closes its mega-merger with Warner Bros this month. Paramount made the announcement this week.
According to Variety, as chairman and CEO, Ellison will be leading all strategy, creative, and technology functions. As co-CEO, Kreiz will be overseeing the merged company’s day-to-day operations and the integration of both businesses.
In its announcement of Kreiz’s role, Paramount said “it’s a painting that joins complementary skillsets to amplify results.” Both of the businesses of the combined company will report to both figures.
Kreiz will officially begin his role at Paramount, which will have a new name after the merger, on October 5th as co-CEO, and will also be joining the company’s board of directors. The announcement of his role paralleled Paramount clearing their final step before they could close the $111 billion Warner Bros merger.
A judge approved the company’s settlement of the antitrust lawsuit brought by 12 state attorneys general, and the merger is expected to close on October 6th, according to Variety.
According to Paramount’s announcement, Ellison’s appointment of Kreiz is the final piece of one of the biggest company mergers this century.
“This caps a long-term plan: pursue both Paramount and Warner Bros. Discovery, then partner with a leading executive of his caliber to integrate and manage the businesses as they build one of the most ambitious next-generation media companies in the industry’s history.”
Variety reported that one of their sources stated that Ellison has been working on bringing Kreiz to the company for months, and was “another ace up Ellison’s sleeve.”
In a companywide memo sent out this week, Ellison discussed Kreiz’s appointment:
“We still have work to do before the [Warner Bros.] deal closes, and nothing changes until it does. But I wanted you to hear this from me first. I hope you’re as excited as I am to welcome Ynon to our leadership team.”
In a statement Ellison said:
“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.”
Kreiz said in his own statement provided by Paramount:
“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.”
“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.”
“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,” Kreiz’s statement stated.
Gerry Cardinale is the founder and managing partner of RedBird Capital Partners, which is Paramount’s co-controlling shareholder and member of its board of directors. Cardinale praised Ellison’s ability to lead the company through “two historic acquisitions.”
This week, Mattel announced that Kreiz is stepping down as chairman and CEO effective on October 2nd in order to “take a senior leadership position at another public company.” Roger Lynch, Condé Nast’s CEO, will be taking over the role as Mattel’s CEO.
Kreiz is also the former chairman and CEO of Maker Studios, a YouTube-oriented digital content network that was acquired by Disney in 2014. Kreiz then left Disney in 2016 and joined Mattel two years later.
Mattel credits Kreiz with boosting their market shares across key toy categories and helping them earn the Number 1 spot globally in dolls, vehicles, and infant, toddler, and preschool segments. Mattel also praised him for overseeing Mattel Studios during their first theatrical release of the hit movie “Barbie” in 2023.
Cardinale stated:
“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.”
Eric Mastrota is a Contributing Editor at The National Digest based in New York. A graduate of SUNY New Paltz, he reports on world news, culture, and lifestyle. You can reach him at eric.mastrota@thenationaldigest.com.
