Former Mattel CEO Ynon Kreiz Tapped for Top Role in Paramount-Warner Bros. Discovery Merger
Translated & summarized from Mako by baba
The story in 6 lines · by baba
- Ynon Kreiz appointed co-CEO of merged Paramount-Warner Bros. Discovery.
- Kreiz will manage daily operations and integration of the new company.
- The $81 billion merger is nearing completion after judicial approval.
- The combined entity will house major brands like Warner Bros., HBO, and CNN.
- Kreiz previously led Mattel's transformation and the success of the "Barbie" movie.
- The merger faced controversy involving accusations of antisemitism.
Ynon Kreiz, the outgoing CEO of Mattel, has been appointed co-CEO of the new company formed by the merger of Paramount and Warner Bros. Discovery. Kreiz will share leadership of the combined entity with David Ellison, Chairman and CEO of Paramount, and will be responsible for day-to-day operations and integrating the two media giants. The appointment follows a significant green light for the $81 billion deal, with a federal judge approving a settlement between Paramount and 12 states that had sought to block the acquisition over antitrust concerns.
The merger is expected to create one of the largest media companies in the United States, bringing together major assets and brands across entertainment and news. These include Warner Bros. and Paramount film studios, HBO and HBO Max, CNN and CBS networks, the Paramount+ streaming service, and brands like Discovery, MTV, Nickelodeon, Cartoon Network, and Comedy Central.
Kreiz concludes an eight-year tenure at Mattel, where he spearheaded a strategy to transform the toy manufacturer into a content powerhouse based on its intellectual property. This strategy culminated in the highly successful "Barbie" movie, a co-production with Warner Bros. that grossed over $1 billion worldwide in 2023. Prior to Mattel, Kreiz held significant leadership roles in the media industry, including co-founding and leading Fox Kids Europe and heading Endemol Group and Maker Studios.
The merger process has also been marked by controversy, including accusations of antisemitism. Actor Mark Ruffalo, a vocal opponent of the deal, linked the Ellison family's funding of the merger to their support for Israel and Oracle's business ties with the country. Paramount accused Ruffalo of using antisemitic tropes, a claim he denied. Ruffalo received support from over 170 Jewish cultural figures who argued the antisemitism accusation was used to silence criticism, while other Jewish organizations contended his remarks crossed a line.
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