Management structure takes shape in the $110 billion merger

David Ellison has named Ynon Kreiz, who is departing Mattel, as co-CEO of the media group expected to emerge after the Paramount-Warner Bros. Discovery merger. The announcement, made just before the giant deal is set to close, shows how leadership of the new company will be split between the two executives.

According to the company, Ellison and Kreiz will jointly lead the merged media company. The move shows that, as the merger nears completion, the company’s management framework is also taking shape.

How will the roles be divided?

According to the company, Ellison will focus on long-term strategy, creative vision, talent relations, strategic partnerships, technology and capital allocation. Ynon Kreiz will handle day-to-day management and the integration of the merged businesses.

  • Ellison: strategy, creative direction, technology and capital allocation
  • Kreiz: daily operations and post-merger integration

This structure shows that decision-making in the combined company will be split across two main tracks. In its statement, the company specifically listed technology, partnerships and capital deployment among Ellison’s responsibilities.

Court ruling clears the path to closing

The announcement came shortly after a major legal obstacle to the $110 billion deal was removed. Paramount had reached a settlement less than two weeks earlier in an antitrust case filed by a group of state attorneys general seeking to block the merger.

A federal judge also ruled on Wednesday to allow the transaction to close. As a result, both the closing process and the top-level management structure became clear on the same day.

Why Kreiz's Mattel background matters

Mattel also announced on Wednesday that Kreiz was leaving the company. Having led the toy maker for eight years, Kreiz oversaw major transformation efforts during his tenure.

During Kreiz’s leadership, the Barbie film became the highest-grossing movie in the U.S. in 2023. Assigning Kreiz to operations and integration in the expected Paramount and Warner Bros. Discovery merger suggests that his experience running a public company will play a decisive role in the new structure.