Israeli Businessman Ynon Kreiz Appointed Co-CEO of New Media Giant

Israeli businessman Ynon Kreiz has been appointed co-CEO of the new media conglomerate formed by the merger of Paramount and Warner Bros. Discovery (WBD). The appointment comes as the major deal between the two media companies is expected to close in early October.

In the new structure, Kreiz will be responsible for the day-to-day operations, while his co-CEO, likely referring to an executive from Paramount, will focus on the combined company's strategy. All business units will report to the two co-CEOs, and Kreiz will also join the board of directors.

Kreiz brings extensive experience in the entertainment industry and building international brands. During his tenure as CEO of Mattel, he spearheaded the expansion of brands like Barbie beyond toys into film and entertainment. Paramount noted that the co-CEO sought a partner with significant operational experience to help lead the merged entity.

Kreiz announced his departure from Mattel earlier this week after an eight-year tenure. He is scheduled to begin his new role on October 5th. The appointment follows a federal court's approval of a settlement between Paramount and 12 state attorneys general, removing a key obstacle to the Warner Bros. Discovery acquisition.

The combined company is poised to become one of the world's largest media and entertainment groups, boasting assets such as Paramount Pictures, Warner Bros. Studios, streaming services Paramount+ and HBO Max, and news networks CBS and CNN. The future of current WBD CEO David Zaslav remains uncertain, with no information provided regarding his role or that of other WBD executives in the new company. Further details on the management structure are anticipated in the coming days, according to Axios.