Paramount named Mattel chief executive Ynon Kreiz co-CEO of the Hollywood group that will be created by its $110bn takeover of Warner Bros Discovery, as David Ellison looks to integrate two of the most storied entertainment studios.
Under the unusual leadership structure, Kreiz, who has led the Barbie maker since 2018, would become co-chief executive when the WBD deal closed, the company said on Wednesday. Ellison will remain chair and co-chief executive.
According to the companies, Kreiz will oversee day-to-day operations and the integration of the two companies, while Ellison will focus on strategy, creative direction, technology, talent relationships and capital allocation.
The appointment comes as Paramount races to complete its takeover of WBD, after reaching a settlement last week with the 12 US states that had sued to block the deal. The merger will create one of the world’s largest entertainment groups, combining Warner Bros, HBO and CNN with Paramount Pictures and broadcaster CBS. Employees of the companies are bracing for thousands of lay-offs after Paramount said it would realise more than $6bn in annual cost savings following the takeover.
Source: Financial Times Companies · Summarized by HeadlinesBriefing