Paramount is adding a second chief executive as it prepares to close its $110 billion merger with Warner Bros. Discovery. Ynon Kreiz, previously Mattel's chairman and CEO, will join as co-CEO alongside chairman and CEO David Ellison, starting October 5. Kreiz led Mattel when it produced the hit Barbie film with Warner Bros. Pictures.
Under the arrangement, Ellison will focus on long-term strategy, creative vision, talent relationships, partnerships, technology, and capital allocation. Kreiz will handle day-to-day management and integration of the combined businesses, and the companies will report jointly to both executives.
The appointment comes as the deal clears a legal hurdle: a judge approved the settlement in a lawsuit brought by several states that had blocked the merger, according to Reuters. Leadership changes are also underway in streaming. Paramount's streaming chief, Cindy Holland, is stepping down, and HBO's Casey Bloys is "poised" to take over both Paramount+ and HBO, per Variety.