David Ellison and Inon Kreiz, CEO of Paramount Skydance, said:
Caroline Breman | Reuters Richard Bode | Wire Images | Getty Images
paramount skydance CEO David Ellison announced his departure Wednesday. mattel CEO Inon Kreiz becomes co-CEO in expected Paramount merger with Paramount warner bros discovery.
The two will lead as “one team,” with Kreitz responsible for managing the media company, according to a press release. Mr. Kreitz will become co-CEO and will join the company’s board of directors upon completion of the merger.
“Mr. Ellison will focus on the company’s long-term strategy, creative vision and direction, including talent relationships, strategic partnerships, technology and capital allocation,” Paramount said in a release. “Mr. Kreitz will focus on the day-to-day management of the company and the integration of the combined business.”
The announcement comes less than two weeks after Paramount settled an antitrust lawsuit with a group of state attorneys general that sought to block the $110 billion merger. A federal judge issued an order Wednesday allowing the merger to be completed.
“Paramount and Warner Bros. Discovery coming together to create the next global media company is a transformative moment for our industry,” Ellison said in the release. “Leading it requires a rare combination of strategic vision, operational depth and experience running a public company at the highest levels of media. Ynon brings all three.”
Paramount announced in a separate release late Wednesday that the merger will close on Oct. 6.
Mattel announced early Wednesday that Kreitz would be leaving the company after eight years in the top job. During his tenure, Kreitz led the company through major changes and oversaw the release of “Barbie,” which became the highest-grossing domestic film release of 2023.
Wednesday’s events end a long back-and-forth battle in which Ellison has tried to expand his media empire.
He first set his sights on Warner Bros. Discovery in September 2025 and has since. Netflix and legal challenges over antitrust concerns. The deal will be one of the largest media mergers in history and is expected to close in the coming weeks.
