Mattel CEO Ynon Kreiz is exiting the toymaker to join David Ellison’s Paramount as it merges with Warner Bros. Discovery, with Paramount announcing later on Wednesday that Kreiz will serve as co-CEO as the combined Paramount-Warner Bros.
Upon closing, Ellison will remain Chairman and CEO of the newly combined company, and Kreiz will serve as Co-CEO and join the Board of Directors. Together, they will oversee the combined company’s businesses, which will report jointly to both.
Kreiz starts at Paramount on Oct. 6.
Paramount said in a statement that “Ellison and Kreiz will lead the anticipated combined company as one team, pairing complementary skillsets to maximize the full upside of the merger under a comprehensive long-term strategy. Ellison will focus on the company’s long-term strategy, creative vision and direction, including its talent relationships, strategic partnerships, technology and capital allocation. Kreiz will focus on the company’s day-to-day management and integration of the combined businesses.”
Ellison said: “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.”
The CEO continued, outlining the division of responsibilities: “It’s a division of labor built on our complementary strengths, with clear reporting lines and it lets me focus where I can contribute most: long-term strategy, the company’s overall creative direction, talent relationships, strategic partnerships, technology and capital allocation. We’re like-minded, we see this business the same way and there’s no one I’d rather partner with. Together we’ll build one integrated company that is creator-first, tech-forward and built to scale globally.”
Kriez expressed his excitement about the new role in his own statement.
“I’m excited to partner with David to build the next-generation media and entertainment company — bringing together premium content and iconic brands at the highest quality and scale, serving global audiences across every entertainment vertical and distribution platform. David is a unique talent and executive: a rare blend of business acumen, creative instinct, and clear vision,” Kreiz said.
“I very much share that vision, and I’m inspired by what we can accomplish together. The industry is at an inflection point, demanding evolution, investment, and a willingness to rethink business models. I look forward to working with the leadership team to build a cohesive global entertainment platform — one that stands out with best-in-class operations and execution powered by technology, with unparalleled creative relationships, production capabilities, and global reach. We will continue empowering creators, make this company a greenfield for innovation and storytelling, and collaborate with key partners to reach and engage fans worldwide.”
On Wednesday, Mattel revealed that Kreiz was leaving for another senior leadership position at an undisclosed public company, effective Friday, and that he would be succeeded by Condé Nast CEO Roger Lynch.
During Kreiz’s tenure, Mattel ranked number one globally in the Dolls, Vehicles, and Infant, Toddler & Preschool toy categories. Hot Wheels is also on track for its ninth consecutive growth year and the company has continued to build momentum in Action Figures and successfully launched Mattel Brick Shop.
Kreiz has also been instrumental in driving Mattel’s move into Hollywood with Greta Gerwig’s smash-hit “Barbie” movie in 2023 and helped spearhead development on several film and TV adaptations that have expanded the brand. The company launched a “Masters of the Universe” film with Amazon this summer, and next out is “Matchbox” starring John Cena for Apple. Additionally, he oversaw the company’s expansion into digital gaming with the full ownership of Mattel163.
Mattel’s new or renewed entertainment licenses include Disney Princess and “Frozen,” Teenage Mutant Ninja Turtles, “Toy Story,” “KPop Demon Hunters” and DC, among others.
Prior to Mattel, Kreiz was chairman and CEO of Maker Studios, a digital content network that was acquired by Disney in 2014. He left Disney in 2016 and joined Mattel in 2018.
Kreiz’s other previous roles include chairman and CEO of Endemol Group, a general partner at the venture capital firm Balderton Capital and the co-founder, chairman and CEO of Fox Kids Europe.
In addition to Kreiz, HBO CEO Casey Bloys is set to lead Paramount+ and HBO Max following the departure of Cindy Holland on Tuesday.
The Paramount-WBD merger will close next week, with Judge Araceli Martínez-Olguín’s approving a legal settlement between the company and 12 state attorneys general.
The settlement includes commitments to invest a minimum of $1.5 billion over five years in domestic TV and film production, release at least 30 films a year in theaters and negotiate the distribution agreements for each company’s suite of cable networks separately.
The combined company also must set up an independent editorial board to oversee the CNN and CBS News operations, continue to operate Paramount and Warner Bros. Discovery’s studio lots for five years, honor collective bargaining agreements with Hollywood’s unions and make community investments, including a $5 million-per-year contribution to an independent film fund and $9.5 million annually for film and TV career training and development programs to benefit qualified educational institutions and community arts organizations.
Failure to comply with the various commitments in the settlement range from a $30 million penalty per film that misses the theatrical goal to forced divestitures of the company’s 49% Miramax stake within a 12-month period as well as BET, Comedy Central, VH1, Smithsonian, Destination America and Science Channel within a 120-day period.
Paramount and the state AGs have brushed off concerns surrounding the settlement, calling it a “reasonable compromise” that was negotiated at “arm’s length” with enforcement provisions that “have teeth.”
Paramount’s Class B stock listing is expected to move from the Nasdaq to the New York Stock Exchange on Oct. 5 and begin trading on the NYSE on Oct. 6. Paramount would distribute warrants to purchase those shares on Oct. 13.
However, the merger is “subject to further closing conditions, and the ultimate timing for the closing of the WBD merger, if any, is not yet certain,” the company noted in a Friday SEC filing.
As a result, Paramount may choose to cancel or postpone the move.
