NEW YORK (VINnews) — Ynon Kreiz, the Israeli-born executive who led Mattel through the blockbuster “Barbie” film, will become co-CEO of the company formed by Paramount’s roughly $110 billion takeover of Warner Bros. Discovery.
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Paramount Chairman and CEO David Ellison announced the appointment Wednesday, shortly after a federal judge approved a settlement that removes the last major legal obstacle to the deal. Kreiz is scheduled to start Monday. The merger is expected to close Tuesday, Oct. 6.
Ellison will remain chairman and chief executive, responsible for strategy, creative direction, talent relationships, technology and capital allocation. Kreiz, who will also join the board, will oversee day-to-day operations and the integration of the two companies.
“In Ynon, I’m adding a partner with strong leadership and the operating firepower this integration demands,” Ellison said. “It’s a division of labor built on our complementary strengths.”
Kreiz said he was “excited to partner with David to build the next-generation media and entertainment company,” bringing together premium content and well-known brands for audiences worldwide.
The combined company would unite Paramount Pictures, Warner Bros., HBO, CBS, CNN, Nickelodeon and Cartoon Network, plus streaming services with more than 200 million subscribers. Paramount is targeting more than $6 billion in merger savings. The business will carry heavy debt, and Kreiz — known as a cost-focused operator who has extended brands into new formats — is expected to be central to hitting that target.
Under the antitrust settlement with a group of state attorneys general, the company must release at least 30 films a year in U.S. theaters for five years and increase spending on domestic production. It must also negotiate cable carriage for the two companies’ channels separately and create an independent editorial board to oversee CBS News and CNN.
Kreiz was born and raised in Israel and grew up in the Ramat Gan area. He earned a bachelor’s degree in economics and management from Tel Aviv University and an MBA from UCLA’s Anderson School of Management. He is married to Anat Fabrikant, a former Israeli Olympic sailor. They have four children.
His Hollywood career began through fellow Israeli media mogul Haim Saban. After military service and time as a windsurfing instructor, Kreiz co-founded Fox Kids Europe, later led Endemol — the company behind “Big Brother” — and ran Maker Studios, the YouTube network Disney acquired for about $500 million. He joined Mattel’s board in 2017 and became chief executive in 2018.
At Mattel he moved the toymaker’s brands into film, television and games. The 2023 “Barbie” movie, released by Warner Bros., was the year’s highest-grossing film worldwide and the studio’s biggest box-office hit. It received eight Academy Award nominations and won the Oscar for best original song.
Mattel said Wednesday that Kreiz was stepping down as chairman and CEO. A securities filing described a five-year Paramount contract with a base salary of $3.5 million, rising to $5 million after the merger closes, and pay of at least $35.1 million a year by 2027.
Kreiz has said in past interviews that his family keeps a strongly Israeli household and that he still follows news from Israel more closely than news from the United States.