Paramount Skydance Corporation (NASDAQ: PSKY) announced that David Ellison has appointed Ynon Kreiz as Co-CEO of the anticipated combined company, effective at the closing of the merger with Warner Bros. Discovery. Kreiz, who currently serves as Chairman and CEO of Mattel, will join Paramount Skydance on October 5, 2026. Upon closing, Ellison will remain Chairman and CEO while Kreiz assumes the role of Co-CEO and joins the Board of Directors. The two executives will jointly oversee the combined company's businesses, with all operations reporting to both leaders.
Ellison stated that he sought a partner with the operating firepower to integrate the businesses and usher in a new era of entertainment. Under this division of labor, Ellison will focus on long-term strategy, creative vision, talent relationships, partnerships, technology, and capital allocation. Kreiz will oversee day-to-day management and the integration of the combined businesses. Ellison described the pairing as a combination of complementary strengths designed to maximize the merger's potential.
Kreiz brings more than 30 years of experience leading and investing in international media and entertainment businesses. As Chairman and CEO of Mattel since 2018, he led a transformation that expanded the company's brands into film, television, consumer products, digital games, and live events. Under his leadership, Mattel's theatrical release "Barbie" became the number one global box office film of 2023. Kreiz expressed excitement about partnering with Ellison to build a global entertainment platform powered by technology and creative relationships.
Gerry Cardinale, Founder and Managing Partner of RedBird Capital Partners, a co-controlling shareholder of Paramount Skydance, commented on the appointment. Cardinale noted that Ellison has led the company through two historic acquisitions while building a team that is exceeding synergy targets. He described Kreiz as a leader who understands both fan engagement and the economics of entertainment, stating that bringing in such a partner ensures the company has the operational firepower to succeed.
The appointment marks a step in Ellison's plan to unite Paramount and Warner Bros. Discovery into a next-generation media company. The combined entity is expected to have a streaming platform reaching more than 200 million global subscribers. Paramount Skydance has doubled its theatrical slate in over a year under Ellison's leadership and greenlit more than 40 new and returning series for Paramount+. The company projects that 2026 revenue and EBITDA (preSBC) will grow by 16-19%. The merger is expected to generate more than $6 billion in run-rate synergies.
Once the merger closes, the combined company will pursue four strategic priorities: winning in content, becoming the most technologically capable media company, maximizing operational efficiencies, and earning trust through reliable experiences for creators, audiences, and partners.