Paramount names Ynon Kreiz co-CEO ahead of Warner merger
What's the story
Paramount has announced the appointment of Ynon Kreiz as its new co-CEO, ahead of the completion of its $110 billion merger with Warner Bros. Discovery. Kreiz, who was previously Mattel's chairman and CEO, will work alongside current chairman and CEO David Ellison in leading the company post-merger. The announcement comes as part of a strategic move by Paramount to strengthen its leadership team during this major transition period.
Role division
Kreiz's responsibilities post-merger
Paramount has clarified the division of responsibilities between Ellison and Kreiz after the merger.
While Ellison will concentrate on long-term strategy, creative vision, talent relationships, strategic partnerships, technology, and capital allocation, Kreiz will handle day-to-day management and integration of the two businesses.
The combined entity will report jointly to both leaders.
Kreiz joined Mattel in 2018 and was instrumental in launching the successful Barbie film with Warner Bros. Pictures during his tenure there.
Recent developments
Kreiz's appointment follows settlement approval in Paramount's lawsuit
Kreiz's appointment as co-CEO of Paramount comes as a judge approved the company's settlement in a lawsuit with several states blocking the Warner Bros. Discovery merger.
The news also follows the announcement by Paramount's streaming chief Cindy Holland that she would be stepping down from her position.
According to Variety, HBO boss Casey Bloys is likely to take over both Paramount Plus and HBO after Holland's departure.