Ynon Kreiz has been appointed co-CEO of Paramount Skydance alongside David Ellison, stepping into the role as a federal judge cleared the studio’s $110 billion merger with Warner Bros. Discovery following a legal settlement with 12 state attorneys general.
Ynon Kreiz Takes Co-CEO Post as Paramount Clears Merger Hurdles
Paramount Skydance has tapped former Mattel chief executive Ynon Kreiz to serve as co-CEO alongside David Ellison, filling a key leadership slot just as the newly formed mega-studio secures the legal clearance needed to finalize its massive consolidation. The appointment arrives on the heels of a California federal judge signing off on a consent decree with 12 U.S. states that resolves opposition from state attorneys general and removes the final major road-block for the transaction.
Under the division of labor announced by the company, Ellison will lead the combined company’s creative and tech strategy, while Kreiz will oversee day-to-day operations and deal integration. Ellison formally introduced his new partner to employees in a memo obtained by business media, writing that he always planned to pair up with an executive of Kreiz’s caliber once the Warner Bros. Discovery deal reached the finish line. Prior to taking the helm at Mattel in 2018 following four changes in leadership over four years, Kreiz led the short-form video company Maker Studios and the independent television production firm Endemol Group, as well as Fox Kids Europe.
If you don’t know Ynon yet, you’re about to. If you do, you already know how lucky we are.
David Ellison, CEO of Paramount Skydance, via Business Insider
Compensation Package and SEC Disclosures Outline Five-Year Deal
Regulatory filings submitted to the Securities and Exchange Commission detail a lucrative five-year contract for Kreiz, who starts his new job on October 5, one day before the $111 billion merger is slated to close. His total compensation package for the first year at the combined studio exceeds $46.5 million, anchored by a one-time signing award of fully vested restricted stock units valued at $31.5 million.
Once the merger officially takes effect, Kreiz will collect an annual base salary of $5 million alongside an annual target bonus of $4.9 million, according to the regulatory filing. The package also includes a pre-closing award of 1.25 million shares of Class B common stock, eligibility for 2.6 million additional shares of Class B stock, and an annual equity award of $20.1 million starting on the first anniversary of his contract. Seaport Research Partners senior analyst David Joyce noted on Bloomberg that Kreiz represents a strong choice for the combined entity. The board of directors appointed Kreiz to the company’s board alongside his executive position, citing his extensive leadership experience in the media and entertainment industry.
Stringent Merger Conditions Set Theatrical Quotas and Editorial Oversight
The judicial sign-off that cleared the mega-merger required Paramount to accept strict post-merger rules agreed upon in the state settlement and separate negotiations with the Writers Guild of America.
The studio also agreed to establish an editorial independence board. Executive conversations and movements are already underway across the sprawling media footprint, highlighted by former Walt Disney Television chairman Peter Rice having been spotted dining with Kreiz for a three-hour meeting at Marea in Beverly Hills. Hollywood insiders have viewed Rice as a potential candidate to join Ellison’s combined studios.
Market Analysts Weigh Turnaround Track Record and Integration Pressures
A media veteran who also served as CEO of Maker Studios prior to its $500 million acquisition by Walt Disney Co., Kreiz is recognized for steering toy giant Mattel through a revenue slump and ushering Barbie
to a global theatrical release that grossed over $1.4 billion in 2023.
Other market observers strike a more measured tone regarding his title and day-to-day remit.
Though his title is co-CEO, we view Kreiz as a chief operating officer. He undoubtedly is an experienced hand who fills a void that had been present, leaving the firm better positioned with him, in our view, than it was without him.
Matthew Dolgin, senior equity analyst at Morningstar
