Ynon Kreiz named co-CEO for planned Skydance merger

Ynon Kreiz, the outgoing chief executive of Mattel, is set to become co-chief executive with David Ellison when Paramount Skydance combines with Warner Bros. Discovery, according to CNBC. The merged business is planned to operate as Skydance, with Kreiz handling day-to-day management and integration while Ellison retains responsibility for long-term strategy, creative direction, technology and capital allocation.¹

A leadership structure for the combined group

Ellison and Kreiz announced a wider leadership group on 5 October, according to Variety. Casey Bloys, currently Warner Bros. Discovery’s HBO and Max content chief, will co-chair Skydance’s direct-to-consumer division and serve as its chief content officer. George Cheeks, a former Paramount co-chief executive, will hold the same posts at Skydance TV, while JB Perrette will co-chair both divisions.²

Andy Gordon, Paramount’s chief strategy officer and chief operating officer, will become Skydance president. Dennis Cinelli, Paramount’s finance chief, will remain in his position. According to CNBC, Bari Weiss is expected to continue as CBS News editor-in-chief and Mark Thompson as CNN Worldwide’s chairman and editor-in-chief, with each overseeing the merged company’s news operations.¹

Scale, costs and integration

CNBC reported that the merger agreement is valued at about $110bn on an enterprise-value basis and that the combined companies could carry roughly $79bn of debt after the transaction. Paramount Skydance aims to achieve $6bn in cost savings during the first three years following closure, the report said. These financial figures and targets were reported by CNBC and have not been independently confirmed in the dossier.¹

The merger could require two to three years to complete in full, CNBC reported. A Los Angeles report cited by the outlet said 4,500 film and television jobs could be at risk over three years as the companies combine operations. Paramount Skydance has agreed to avoid layoffs of writers on the CBS broadcast team for at least five years, according to CNBC.¹

Analysts cited by CNBC focused on the operational demands facing Kreiz. Matthew Condon said, "We view the appointment of Ynon Kreiz positively." Matthew Dolgin said Kreiz’s position resembled that of a chief operating officer despite the co-chief executive title, while Eric Handler pointed to the debt burden and the integration challenge.¹

Kreiz’s record at Mattel

Kreiz led Mattel from 2018 until his departure and oversaw the creation of an in-house film division, according to CNBC. Mattel partnered with Warner Bros. on Barbie, which generated more than $1.4bn at the global box office, CNBC reported. The toy company said the film contributed a $150m revenue increase in fiscal 2023, according to the outlet.¹

His tenure also included restructuring at Mattel, including supply-chain changes, reduced toy production, factory closures and a workforce reduction of 2,200, CNBC reported. Gerrick Johnson said of the company’s early actions: "They did a great job of cutting like $1 billion worth of cost right out of the gate."¹

Programming commitments

Paramount Skydance has agreed to release at least 30 films a year in 2027 and 2028, and no fewer than 32 annually from 2029 through 2031, CNBC reported. The commitments sit alongside the planned combination of Paramount’s assets with Warner Bros. Discovery’s film, television and streaming businesses.¹

Ellison acquired Paramount in August 2025 and began pursuing Warner Bros. Discovery roughly a month later, according to CNBC. The companies announced their merger agreement in February, and later said the transaction was expected to close after they settled litigation brought by a group of state attorneys general.¹