Ynon Kreiz named Skydance co-CEO alongside David Ellison
Outgoing Mattel chief Ynon Kreiz is set to share leadership with David Ellison if the Paramount-Warner Bros. Discovery deal closes.
By Sofia Marchetti · World Affairs Correspondent
3 min read
Ynon Kreiz is set to become Skydance co-CEO alongside David Ellison if Paramount Skydance’s planned merger with Warner Bros. Discovery closes. The appointment gives Ellison an operating partner for the task of combining major film, television, cable and streaming businesses.
Paramount said Ellison, who will remain chairman and CEO, will oversee long-term strategy, creative direction, technology and capital allocation. Kreiz will run day-to-day operations and lead the integration of the companies, according to CNBC and Variety.
Who is Ynon Kreiz, Skydance’s new co-CEO?
Kreiz is the outgoing chairman and chief executive of Mattel, which he has led since 2018. CNBC described him as a three-decade media veteran and reported that he is known for helping bring the 2023 film Barbie to theaters.
Before Mattel, Kreiz served as chairman and CEO of Maker Studios, the digital-content business Disney acquired in 2014. He also led television production company Endemol Group. Earlier in his career, he co-founded Fox Kids Group Europe, which Disney acquired in 2002, CNBC reported.
At Mattel, Kreiz arrived as the company’s fourth chief executive in four years. CNBC said Wall Street observers credited his cost-cutting measures with helping revive the toymaker, though assessments of his fit for the Skydance role vary.
What will Kreiz and Ellison each do?
The announced structure divides creative and corporate planning from operational management. Ellison’s responsibilities include the company’s overall creative direction and technology, while Kreiz is assigned the daily management of the combined business and its integration.
Variety reported that the combined company’s businesses will report jointly to both executives, and that Kreiz will join its board. Paramount’s regulatory filings indicated that the Warner Bros. Discovery transaction was expected to close Oct. 6, so the co-CEO arrangement remained contingent on that closing.
The deal would bring together the Paramount and Warner Bros. film studios, CBS, cable networks including CNN, TNT, MTV and BET, and the Paramount+ and HBO Max streaming services, CNBC reported. Combining those operations is the immediate assignment for the two executives.
Why did Skydance choose Kreiz?
Matthew Condon, an analyst at Citizens Bank, said in a research note that Kreiz’s operating background and focus on brands and intellectual property could help with the integration. Morningstar analyst Matthew Dolgin said Kreiz filled a gap at the company, while adding that he was not necessarily the best possible choice for the job.
Dolgin characterized the position as closer in practice to that of a chief operating officer, despite the co-CEO title. The arrangement leaves Ellison responsible for the company’s broader direction while Kreiz takes on the execution work after the proposed merger.
This story draws on original reporting from CNBC.