From CNBC · Sarah Whitten · · 3m
David Ellison Names Ynon Kreiz as Co-CEO for Skydance
David Ellison appoints Ynon Kreiz as co-CEO to lead Skydance's $110 billion merger of Paramount and Warner Bros. Discovery.
In brief
David Ellison appoints Ynon Kreiz as co-CEO to lead Skydance's $110 billion merger of Paramount and Warner Bros. Discovery. David Ellison named Ynon Kreiz as co-CEO to manage the $110 billion merger of Paramount and Warner Bros. Discovery, with Kreiz known for turning around Mattel. Originally reported by CNBC.
Quick answers
- Who is Ynon Kreiz?
- Ynon Kreiz, outgoing CEO of Mattel, will serve as co-CEO of the combined Paramount Skydance and Warner Bros. Discovery when the merger closes on Tuesday.
- What is the key takeaway from David Ellison Names Ynon Kreiz as Co-CEO for Skydance?
- David Ellison named Ynon Kreiz as co-CEO to manage the $110 billion merger of Paramount and Warner Bros. Discovery, with Kreiz known for turning around Mattel.
Who is Ynon Kreiz?
Ynon Kreiz, outgoing CEO of Mattel, will serve as co-CEO of the combined Paramount Skydance and Warner Bros. Discovery when the merger closes on Tuesday.
Skydance's New Media Empire
The new entity will unite Paramount and Warner Bros. film studios, CBS broadcast network, pay-TV networks including CNN, TNT, MTV, BET, and streaming services Paramount+ and HBO Max.
Ellison's Media Empire Build
David Ellison spent two years building his media empire, closing an $8 billion Paramount acquisition by August 2025, then launching a $110 billion bid for Warner Bros. Discovery.
Kreiz's Turnaround at Mattel
Kreiz turned around Mattel during a four-year revenue downturn, cutting $1 billion in costs and reducing the workforce by 2,200 employees within two years.
Barbie Film Success
Kreiz partnered with Warner Bros. to bring Barbie to the big screen, generating $1.4 billion at the box office but only $150 million for Mattel.
Kreiz's Media Experience
Kreiz has 30 years in media, including roles at Disney, Endemol Group, and Fox Kids Group Europe, before becoming Mattel CEO in 2018.
Merging Two Giants
The merger of Paramount and Warner Bros. Discovery will create Skydance with $79 billion in debt and a target of $6 billion in cost savings within three years.
Film and Streaming Targets
Skydance must release at least 30 films per year in 2027-2028 and 32 films annually in 2029-2031 to settle antitrust lawsuits.
Analyst Views on Kreiz
Analysts say Kreiz's Mattel turnaround experience helps Skydance's merger, though some question his ability to manage the complex integration.
Kreiz's Role in Skydance
Kreiz will handle day-to-day operations and integration, while Ellison focuses on long-term strategy, creative vision, technology, and capital allocation.
Job Market Impact
A report suggests 4,500 film and TV jobs in Los Angeles County are at risk over three years due to the merger.
Kreiz's Challenges
Kreiz faces a massive debt load, complex integration, and balancing the merger's cost savings with maintaining film production targets.
What Happens Next
Skydance will begin merging Paramount and Warner Bros. Discovery, aiming to realize $6 billion in cost savings while managing $79 billion in debt.
The takeaway
David Ellison named Ynon Kreiz as co-CEO to manage the $110 billion merger of Paramount and Warner Bros. Discovery, with Kreiz known for turning around Mattel.
