David Ellison has named Ynon Kreiz as co-CEO of the combined Paramount Skydance and Warner Bros. Discovery entity, which officially merges Tuesday. Kreiz, outgoing CEO of Mattel, joins the newly formed Skydance to help lead a business uniting Paramount and Warner Bros. film studios, the CBS broadcast network, cable channels including CNN and MTV, and streaming services Paramount+ and HBO Max.
Ellison built this empire in roughly two years. Eighteen months ago, he led Skydance with a modest portfolio centered on the Mission: Impossible franchise and "Top Gun: Maverick." By August 2025, he closed an $8 billion acquisition of Paramount. A month later, he initiated a bidding war for Warner Bros. Discovery that resulted in a merger valued at roughly $110 billion on an enterprise basis.
The addition of Kreiz addresses a persistent question on Wall Street: whether Ellison, a technology executive and son of billionaire Larry Ellison, can actually operate a sprawling legacy media company. Under the new structure, Ellison retains oversight of long-term strategy, creative vision, technology and capital allocation. Kreiz handles day-to-day management and integration of the combined businesses.
Kreiz spent 30 years in media and entertainment before his recent pivot to toys. He is widely credited with reviving Mattel after it became the fourth CEO in four years when he took over in 2018. The toy company had endured four years of declining revenue and moved into losses following the bankruptcy of Toys R Us. Kreiz reversed course in two years through structural overhauls. He eliminated product lines, cut approximately $1 billion in costs immediately, restructured the supply chain, closed manufacturing facilities and reduced the workforce by 2,200 employees.
His most visible success came through launching Mattel's in-house film division, which partnered with Warner Bros. to produce "Barbie" in 2023. The film generated more than $1.4 billion globally and revitalized the Barbie brand.
Wall Street analysts have largely endorsed the appointment. Matthew Condon at Citizens Bank wrote that Kreiz's "operating experience and brand/IP focus uniquely position him" for the integration and building of a "best-in-class content and IP platform." Matthew Dolgin at Morningstar called him "an experienced hand," though questioned whether he represented "the best conceivable choice." Gerrick Johnson at Seaport Research Partners highlighted Kreiz's structural improvements at Mattel as particularly relevant to managing merger integration, which will require substantial cost reductions.