David Ellison has appointed Ynon Kreiz as co-CEO of the combined Paramount Skydance and Warner Bros. Discovery entity, which closes Tuesday under the simplified name Skydance. Kreiz, the outgoing CEO of Mattel, will manage day-to-day operations and oversee the integration of the merger, while Ellison retains focus on long-term strategy, creative vision, technology and capital allocation.
The appointment addresses concerns about whether Ellison, a tech executive and son of billionaire Larry Ellison, can operate legacy media assets. Ellison has rapidly accumulated media properties: he led Skydance's acquisition of Paramount for roughly $8 billion in August 2025, then pursued a merger with Warner Bros. Discovery valued at approximately $110 billion on an enterprise basis.
Kreiz brings 30 years of media experience. He is best known for reviving Mattel as CEO since 2018, when the toymaker faced a four-year revenue downturn and mounting losses. He implemented aggressive restructuring, eliminating roughly $1 billion in costs, closing manufacturing facilities, reducing the workforce by 2,200 employees and streamlining product lines. He also launched Mattel's in-house film division, which partnered with Warner Bros. to produce "Barbie," generating over $1.4 billion at the global box office and revitalizing the brand.
Prior to Mattel, Kreiz served as CEO of Maker Studios, acquired by Disney in 2014, and held the chairman and CEO title at Endemol Group, a major independent television production company. He also co-founded Fox Kids Group Europe, sold to Disney in 2002.
Wall Street analysts view the appointment positively. Citizens Bank analyst Matthew Condon stated Kreiz's "operating experience and brand/IP focus uniquely position him to help lead the integration" and build a content platform. Gerrick Johnson of Seaport Research Partners cited Kreiz's structural improvements at Mattel, including the rapid elimination of stock-keeping units and rationalization of business lines, as directly applicable to integrating the sprawling media merger.
However, some analysts express reservations. Matthew Dolgin of Morningstar acknowledged Kreiz as "an experienced hand," but questioned whether he represents the "best conceivable choice," viewing his role functionally as chief operating officer despite the co-CEO title. Dolgin noted uncertainty about how successfully he and Ellison will share responsibilities.
The combined entity unites the film studios of Paramount and Warner Bros., the CBS broadcast network, pay-TV networks including CNN, TNT, MTV and BET, and streaming services Paramount+ and HBO Max.