Paramount names former Mattel chief as new co-CEO
Paramount has appointed former Mattel chairman and CEO Ynon Kreiz as co-CEO ahead of the close of its $110 billion merger with Warner Bros. Discovery, while a judge has approved a settlement resolving a lawsuit that had blocked the deal.
Paramount is restructuring its leadership as it prepares to complete its massive $110 billion merger with Warner Bros. Discovery. Ynon Kreiz, who previously served as chairman and CEO of toy maker Mattel, is joining the company as co-CEO.
Kreiz will work alongside Paramount chairman and CEO David Ellison. According to the company, Ellison will focus on long-term strategy, creative vision and direction, including talent relationships, strategic partnerships, technology, and capital allocation. Kreiz will oversee day-to-day management and the integration of the combined businesses. Both Paramount and Warner Bros. Discovery will report jointly to the two executives once the merger closes.
Kreiz joined Mattel in 2018. During his time leading the company, Mattel partnered with Warner Bros. Pictures to release the successful Barbie film. He is set to start his role at Paramount on October 5th.
Legal settlement and other departures
On the same day the co-CEO appointment was announced, a judge approved Paramount's recently reached settlement in a lawsuit brought by several states that had sought to block the Warner Bros. Discovery merger.
Separately, Paramount's streaming chief, Cindy Holland, announced on Tuesday that she is stepping down from her role. Reports indicate that HBO boss Casey Bloys could take over leadership of both Paramount Plus and HBO going forward.
