Paramount Skydance names Ynon Kreiz co-CEO ahead of Warner Bros. Discovery close

Kreiz joins the board and takes over day-to-day operations once the Warner Bros. Discovery merger closes on October 6

Paramount Skydance has appointed Ynon Kreiz as co-Chief Executive Officer and a new board member, effective October 5, 2026. David Ellison stays on as Chairman and CEO and remains the company's sole principal executive officer. Kreiz will run day-to-day operations and oversee integration once the Warner Bros. Discovery merger closes, while Ellison keeps control of strategy, creative direction and capital allocation.

Kreiz has been Chairman and CEO of Mattel since 2018. His new employment letter sets an initial base salary of at least $3,500,000, rising to $5,000,000 after the Warner Bros. Discovery deal closes, with a target bonus of $1,500,000 that increases to $4,900,000 post-closing. He also receives a signing award of 2,625,000 restricted stock units.

Paramount Skydance and Warner Bros. Discovery said separately that the merger is expected to close on October 6, 2026, subject to customary conditions. Each share of Warner Bros. Discovery common stock will convert into the right to receive $31.00 in cash plus a daily accrual of $0.00277778 since September 30, 2026. If the deal closes on schedule, that works out to $31.01666668 per share.

The appointment settles who runs integration just as the deal's other steps, financing, state settlements and the consent decree, have cleared, leaving the October 6 close as a mechanical formality rather than an open question. Kreiz's move comes amid reported takeover interest in Mattel itself, which raises the question of how he splits his time between a company he may be leaving and one he is just joining. Ellison's hold on strategy and capital allocation signals that the new structure is meant to keep the deal on schedule without shifting who is ultimately in charge.