David Ellison, the tech executive and son of billionaire Larry Ellison, has appointed Ynon Kreiz as co-CEO of the combined Skydance entity formed by the merger of Paramount and Warner Bros. Discovery. The deal, worth approximately $110 billion on an enterprise basis, closes on Tuesday. Kreiz joins the company on Monday and assumes his role as co-CEO upon closing.
Kreiz is the outgoing CEO of Mattel, where he spent eight years turning around the toy company's finances after it faced a four-year revenue downturn and mounting losses. He reduced costs by approximately $1 billion, rationalized business lines, restructured the supply chain, closed manufacturing facilities and cut the workforce by 2,200 employees. He also launched Mattel's in-house film division, which produced the 2023 blockbuster "Barbie" in partnership with Warner Bros.
The appointment addresses ongoing questions about whether Ellison, who until 18 months ago ran the limited Skydance production company, can operationally manage a sprawling legacy media conglomerate. The new entity combines Paramount and Warner Bros. film studios, the CBS broadcast network, pay-TV networks including CNN, TNT, MTV and BET, and streaming services Paramount+ and HBO Max.
Ellison will handle long-term strategy, creative vision, technology and capital allocation. Kreiz will oversee day-to-day management and the merger integration. Analysts at Citizens Bank and Morningstar acknowledged Kreiz fills an operational void but offered mixed assessments of his fit. Matthew Dolgin at Morningstar wrote that while Kreiz "undoubtedly is an experienced hand," he may function more as chief operating officer than true co-CEO. Eric Handler at Roth Capital Partners called it "an excellent choice."
Kreiz's media experience spans three decades. Before Mattel, he served as CEO of Maker Studios (sold to Disney in 2014) and chairman and CEO of Endemol Group, a major independent television production company. He co-founded Fox Kids Group Europe in the 1990s, which Disney acquired in 2002. Analysts credit his structural cost-cutting at Mattel as directly applicable to the complex Skydance integration, which Wall Street expects will generate substantial expense synergies through consolidation.