David Ellison has appointed Ynon Kreiz as co-CEO of the combined Skydance, Paramount and Warner Bros. Discovery entity when the merger closes Tuesday. Kreiz, outgoing CEO of Mattel, will join Ellison to lead what becomes simply "Skydance," uniting Paramount and Warner Bros. film studios, the CBS broadcast network, pay-TV networks including CNN, TNT, MTV and BET, and streaming services Paramount+ and HBO Max.
The appointment signals an answer to governance questions about whether Ellison, a tech executive and son of billionaire Larry Ellison, can manage legacy media assets. Ellison was Skydance CEO 18 months ago before orchestrating the roughly $8 billion Paramount acquisition in August 2025, followed by a roughly $110 billion enterprise-value deal for Warner Bros. Discovery announced roughly a month later.
Kreiz brings 30 years of media experience. He oversaw the 2023 theatrical release of "Barbie" while CEO of Mattel, earning recognition as a turnaround executive. Before Mattel, he served as CEO of Maker Studios, which Disney acquired in 2014, and as chairman and CEO of Endemol Group, a major independent television production company. He co-founded Fox Kids Group Europe, acquired by Disney in 2002.
Kreiz took Mattel's helm in 2018 as the fourth CEO in four years, when the toymaker faced a four-year revenue downturn and recent losses following Toys R Us bankruptcy. Within two years, he reversed the decline through structural overhauls. He eliminated stockkeeping units, rationalized business lines, cut roughly $1 billion in costs upfront, restructured supply chains, closed manufacturing facilities and reduced workforce by 2,200 employees.
Ellison will handle long-term strategy, creative vision, technology and capital allocation. Kreiz will manage day-to-day operations and merger integration.
Wall Street reactions split. Matthew Condon at Citizens Bank praised Kreiz's "operating experience and brand/IP focus" for leading integration and building "a best-in-class content and IP platform." Gerrick Johnson at Seaport Research Partners cited Kreiz's structural improvements and cost discipline at Mattel. Eric Handler at Roth Capital Partners called it "an excellent choice."
Matthew Dolgin at Morningstar offered caution. While Kreiz "undoubtedly is an experienced hand," Dolgin wrote, "we don't necessarily think he is the best conceivable choice to handle this task." Dolgin characterized the co-CEO title as functionally a chief operating officer role.
Kreiz joins Monday and becomes co-CEO upon closing Tuesday.