David Ellison Taps Mattel’s Ynon Kreiz to Be Co‑CEO of Merged Paramount‑Warner Bros

KUALA LUMPUR, 1 OCTOBER 2026 —

Paramount’s David Ellison Taps Mattel’s Ynon Kreiz as Co-CEO of Post-Merger Entertainment Giant, Set to Launch Oct. 6

David Ellison, chairman and CEO of Paramount Global, has appointed Ynon Kreiz—who steps down as Mattel’s CEO after eight years—as co-CEO of the newly merged Paramount-Warner Bros. Discovery entity, effective October 5, 2026. The move solidifies leadership just days before the $111 billion merger closes on October 6, reshaping global media with a dual-executive structure designed to integrate two of Hollywood’s largest studios under a single, unified vision.

The appointment marks a strategic pivot for Ellison, who will retain sole authority over long-term strategy, creative direction, and technology while Kreiz oversees day-to-day operations and the integration of Paramount’s and Warner Bros. Discovery’s (WBD) combined businesses.

The partnership reflects a deliberate effort to merge Ellison’s media and technology expertise with Kreiz’s operational depth—a combination Paramount described as "joining complementary skillsets to amplify results." Both executives will share oversight of the merged company’s divisions, though its official name remains undisclosed.

Kreiz’s transition from Mattel, where he leaves as chairman and CEO on October 2, follows a judge’s approval of Paramount’s settlement with 12 state attorneys general over antitrust concerns—a final regulatory hurdle cleared just hours before the announcement. The merger, expected to close on October 6, will create a media powerhouse with revenues exceeding $30 billion annually, positioning it as a direct competitor to Disney and Netflix in content, streaming, and global distribution.

Ellison framed the appointment as the culmination of a long-term strategy to build "one of the most ambitious next-generation media companies in the industry’s history." In a statement, he emphasized Kreiz’s ability to deliver "operational firepower" critical for the integration, while allowing Ellison to focus on strategic partnerships, capital allocation, and creative leadership. "We’re like-minded," Ellison said. "There’s no one I’d rather partner with."

Kreiz, whose tenure at Mattel saw the company reclaim global dominance in dolls, vehicles, and preschool toys, echoed Ellison’s vision in his own statement. He highlighted the "inflection point" facing the entertainment industry, where evolution and investment are essential.

"We will continue empowering creators, make this company a greenfield for innovation, and collaborate with key partners to reach and engage fans worldwide," he said, referencing his prior roles at Maker Studios (acquired by Disney in 2014) and Endemol Group, where he oversaw the global expansion of Who Wants to Be a Millionaire?

The leadership reshuffle extends beyond the top tier. Casey Bloys, head of HBO at WBD, is set to take over the combined streaming business following Cindy Holland’s departure from her role overseeing Paramount+. Holland’s exit, announced Tuesday, leaves Bloys—whose HBO Max rebranding and Game of Thrones legacy have made him a key figure in streaming strategy—as the likely architect of the merged entity’s direct-to-consumer platform.

Kreiz’s departure from Mattel also signals a leadership transition at the toy giant, where Roger Lynch, CEO of Condé Nast, has been named his successor. Mattel credited Kreiz with revitalizing its market position, including the blockbuster Barbie film, which became Warner Bros. Pictures’ highest-grossing movie of all time and the top global box office release of 2023.

His exit underscores the convergence of Hollywood and toy industries, with Kreiz’s operational experience now directed toward media rather than playthings.

For Malaysia and Southeast Asia, the merger’s implications are significant. Warner Bros. Discovery’s regional operations—including HBO Max’s growing subscriber base and Warner Bros. Pictures’ theatrical releases—will merge with Paramount’s stronghold in local content, such as The Raid franchise and Astro’s distribution deals. The combined entity’s global scale could accelerate investment in Southeast Asian productions, potentially benefiting local studios and talent amid rising competition from Netflix and Disney+.

The appointment also reflects broader industry trends, where operational efficiency and cross-platform integration are critical. Kreiz’s background in digital media (via Maker Studios) and venture capital aligns with Ellison’s push for tech-driven entertainment, suggesting a focus on AI, data analytics, and hybrid content models.

Analysts will watch closely to see how the two executives balance creative control with financial discipline, particularly as the merged company navigates debt from the acquisition and competitive pressures from streaming wars.

With Kreiz’s first day at Paramount set for October 5—just one day before the merger’s closure—the stage is set for a rapid integration phase. The next steps will include finalizing the new company’s name, consolidating leadership teams, and outlining the streaming platform’s roadmap under Bloys.

Ellison and Kreiz’s statements suggest a collaborative approach, but the real test will be execution: whether the merger’s promise of "creator-first, tech-forward" innovation can translate into market dominance in an era of fragmented audiences and rising costs.

The appointment of Kreiz as co-CEO is not just a personnel move but a signal of ambition. By pairing Ellison’s strategic vision with Kreiz’s operational rigor, the merged entity aims to redefine global entertainment—one that leverages both legacy brands and next-generation technology. For Malaysia’s media and creative sectors, the merger could mean expanded opportunities, but also heightened competition in an industry where scale and innovation will determine survival.