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Ynon Kreiz Is Named Co-CEO Of “ParaBros”
Ynon Kreiz // Illustration by Kate Walker
Paramount CEO David Ellison has recruited Mattel CEO Ynon Kreiz as his co-CEO to run the combined Paramount-Warner Bros. Discovery super studio.
The Big Picture: A district judge just formally approved Paramount’s settlement with 12 state AGs, finally clearing the path for the studio’s historic $111 billion merger with WBD to finish — with the deal set to be finalized on Tuesday. By hiring Kreiz, a seasoned media operator, Ellison is prepared to make some serious operational decisions right away.
Behind The Scenes: Ellison believes two chiefs are better than one.
According to a statement released by Paramount, “Kreiz will focus on the company’s day-to-day management and integration of the combined businesses.”
That leaves Ellison to manage the company’s “long-term strategy, creative vision, and direction, including its talent relationships, strategic partnerships, technology, and capital allocation.”
That’s a big deal considering Ellison is already walking a tightrope — he didn’t win many hearts and minds during the prolonged battle to acquire WBD and will now need to win over the creative community that opposed the merger.
Meanwhile, Kreiz, an experienced operator, will lead the cost reductions and layoffs expected to hit the combined studio. Synergies don’t win anyone favorability.
Closing Thoughts: Ellison noted that Kreiz’s hiring brings “complementary strengths, with clear reporting lines.” That extra suit in Kreiz brings decades of experience running public companies and media firms, including founding Maker Studios, a stint as CEO of Endemol, and, of course, running Mattel… where Kreiz was instrumental in beefing up its studio division. That led to Warner Bros.’ biggest hit ever at the box office — Barbie.
Coming Soon: Although they’ve been mired in limbo, expect the Barbie sequel deals to get finalized once Ellison and Kreiz officially take control of the studio.
Today’s email was written by David Vendrell.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.