Ynon Kreiz named co-chief of planned Paramount-Warner Bros company

Paramount chairman and chief executive David Ellison announced on Sept. 30 that Ynon Kreiz would become co-chief executive of the company expected to emerge from Paramount’s merger with Warner Bros. Discovery, with responsibility for its daily operations and the integration of the businesses.¹²³

A division of responsibilities

Ellison is expected to concentrate on long-term strategy, creative direction, relationships with talent, partnerships, technology and decisions about the use of capital. Paramount said Ellison and Kreiz would lead the combined company as one team, while Kreiz would take charge of its operating management and merger integration.²³

The New York Times reported that Ellison would run the combined company. Paramount said the two executives would share the co-CEO title, establishing a structure in which Ellison retains responsibility for strategic and creative functions while Kreiz manages execution across the enlarged group.²³⁴

Kreiz is leaving Mattel after eight years as chief executive. He joined the toy company in 2018 and led it when Mattel worked with Warner Bros. Pictures on the Barbie film. Mattel named Condé Nast chief executive Roger Lynch as Kreiz’s successor, according to Variety.¹²³

Before Mattel, Kreiz was chairman and chief executive of Maker Studios, which Disney acquired in 2014. Variety also reported that he led Endemol Group from 2008 to 2011 and was a general partner at Balderton Capital from 2005 to 2007.¹

Skydance name for the enlarged group

The combined company is expected to take the name Skydance when the transaction is completed. The New York Times reported that Ellison drew the name from his original entertainment company and that it reflects his interest in aviation. Paramount and Warner Bros. will remain the names of the respective studios.²³⁴

Reports differed slightly on the transaction’s value: CNBC described it as a $110 billion merger, while Variety put the figure at $111 billion. The Verge reported an expected closing date of Oct. 6, while CNBC said the deal was expected to close the following week.¹²³

CNBC and The Verge reported that a judge had acted to allow the transaction to proceed. The Verge said the court approved Paramount’s settlement with California and 11 other states, removing what it described as the final major obstacle. The available accounts are not fully consistent about the court action, leaving that detail disputed.¹²³

Under the settlement as reported by The Verge, Paramount must release at least 30 films in cinemas during each of the first two years, with minimum release commitments continuing for five years. CNBC reported separately that the combined company planned to release 35 films next year.²³

Further management changes

The appointment comes amid changes to the companies’ streaming and film operations. Cindy Holland announced that she was leaving her role overseeing Paramount+ and other direct-to-consumer activities, while The Verge reported that HBO chief Casey Bloys was positioned to take responsibility for both Paramount Plus and HBO.³

Variety reported that Dana Goldberg and Josh Greenstein were expected to oversee both film studios. It also reported that Warner Bros. chiefs Michael De Luca and Pamela Abdy were not expected to remain in Ellison’s management team after completion of the merger.¹

The enlarged business will contain two film studios as well as streaming and television operations. Variety reported that it would begin with projected debt exceeding $80 billion and that Paramount was issuing bonds and arranging new loans both to finance the transaction and repay existing obligations.¹