Mattel Chief Executive Ynon Kreiz has been tapped to become Co-CEO of the combined Paramount-Warner Bros. Discovery once the $81-billion deal closes, as David Ellison continues to set plans in motion for his growing media and entertainment empire. In his new role, Kreiz will be heavily involved in day-to-day management, strategic planning, and integration of the combined businesses. Ellison will remain chairman and CEO, and Kreiz will join the board of directors.
A federal judge on Wednesday approved the settlement Paramount reached with 12 state attorneys general who had sought to block the Warner merger on antitrust grounds, clearing one of the final obstacles. The deal is expected to close Oct. 6, Paramount said. The hiring of Kreiz reflects Ellison’s willingness to look beyond existing ranks as he builds the leadership team for the combined company.
Tapping Kreiz is the second major executive move Ellison has made in recent days. Casey Bloys, content chief at Warner-owned HBO and HBO Max, is expected to oversee the combined company’s streaming operations. Mattel named board member and former Condé Nast CEO Roger Lynch to succeed Kreiz as CEO effective Oct. 2. Kreiz is also stepping down as Mattel’s chairman and leaving the board.
Kreiz brings experience restructuring companies. After his arrival at Mattel in 2018, the company cut more than 2,000 jobs as it shrank its manufacturing footprint. The combined Paramount-Warner will carry nearly $80 billion in debt. Paramount has told investors it expects $6 billion in annual synergies within three years of combining operations.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing