Kreiz starts October 5; he becomes co-CEO only if Paramount's Warner Bros. Discovery deal closes.
Why it matters: Kreiz would oversee day-to-day operations and integration of the combined company, while David Ellison would retain responsibility for strategy, creative direction, technology, talent relationships, partnerships and capital allocation. The appointment adds a leadership transition at Mattel as the proposed transaction remains subject to outstanding closing conditions.
- Kreiz is scheduled to join Paramount Skydance on October 5, 2026; his co-CEO appointment takes effect only at closing.
- At closing, Kreiz would be co-CEO of the combined company and oversee day-to-day operations and integration.
- David Ellison will remain chairman and CEO, with responsibility for strategy, creative direction, technology, talent relationships, partnerships and capital allocation.
- Mattel appointed former Condé Nast CEO and board member Roger Lynch as Kreiz's successor on September 30, 2026.
Paramount Skydance said on September 30, 2026, that Ynon Kreiz will become co-CEO of the anticipated combined Paramount and Warner Bros. Discovery at closing. The announcement says Kreiz will oversee day-to-day operations and integration and join the merged company's board.
Kreiz will start at Paramount Skydance on October 5. That employment start is separate from the conditional co-CEO appointment: the announcement does not make him co-CEO before the transaction closes. David Ellison will remain chairman and CEO. The announcement assigns Ellison responsibility for strategy, creative direction, technology, talent relationships, partnerships and capital allocation, while assigning Kreiz day-to-day operations and integration. It does not identify a sole final authority between the two CEO roles.
Kreiz has led Mattel since 2018. Mattel reported quarterly sales of $1.1 billion and named former Condé Nast CEO and Mattel board member Roger Lynch as Kreiz's successor. The Los Angeles Times reported on the leadership change and results. Mattel's announcement said its first theatrical release under Kreiz, Barbie, became the top-grossing global film of 2023 and Warner Bros. Pictures' highest-grossing film at the time.
The proposed combination would bring together Paramount Pictures, CBS, Paramount+, Nickelodeon and other Paramount brands with Warner Bros. Pictures, HBO, HBO Max, CNN, DC and Discovery networks. The companies project more than 200 million subscribers and over $6 billion in run-rate synergies, meaning projected annualized savings or benefits, according to their closing-date announcement.
As of October 1, 2026, the transaction had not closed. The companies had set October 6, 2026 as the anticipated closing date. A federal judge had approved Paramount's settlement with 12 states challenging the acquisition, according to The Associated Press. That approval resolved the settlement with those states; it did not itself complete the transaction or eliminate the other customary closing conditions that remained outstanding.
By the numbers
- $1.1 billion - Mattel's quarterly sales
- More than 200 million - projected subscribers for the combined company
- More than $6 billion - projected annualized savings or benefits, or run-rate synergies
Yes, but: The federal judge's approval addressed Paramount's settlement with 12 states, not every condition to closing. As of October 1, the companies had not completed the transaction, and other customary closing conditions remained outstanding.
What's next: Kreiz is scheduled to start at Paramount Skydance on October 5, 2026. The companies anticipated closing the Warner Bros. Discovery transaction on October 6, subject to the remaining closing conditions.