Paramount Skydance and Warner Bros. Discovery’s $110 billion merger may be set to be completed, but the newly combined entity isn’t done making news.
Today, Paramount CEO David Ellison announced that Ynon Kreiz is joining the company as co-CEO, effective at closing, which is expected next week. Ellison will remain chairman and CEO of the company, and Kreiz will serve as co-CEO and join the board of directors.
Kreiz, who just stepped down from being CEO of Mattel after 8 years, will start at Paramount on Oct. 5, according to the company. While at Mattel, Kreiz led the business transformation and brand-centric strategy.
Regarding duties, Ellison will focus on long-term strategy and vision, including talent relationships, strategic partnerships, technology, and capital allocation. Kreiz will focus on day-to-day management.
“Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our industry. Leading it takes a rare combination of strategic vision, operational depth, and experience running a public company at the highest levels of media. Ynon brings all three. In Ynon, I’m adding a partner with strong leadership and the operating firepower this integration demands,” Ellison said in a statement.
The co-CEO strategy follows in the steps of streaming giant and Paramount competitor Netflix, which currently has Ted Sarandos and Greg Peters as its CEOs. Netflix was previously in line to merge with WBD until its deal fell apart earlier this year amid Paramount’s new bid.
In addition to the co-CEO announcement, Cindy Holland, the head of Paramount+, is exiting the company ahead of the merger. Meanwhile, Casey Bloys, the head of HBO, is going to helm streaming for the combined company.
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