David Ellison, who spent two years assembling his media empire through Skydance, has appointed Ynon Kreiz as co-CEO of the combined entity formed by merging Paramount, Skydance and Warner Bros. Discovery. The deal closes Tuesday.
Kreiz, outgoing CEO of Mattel, will manage day-to-day operations and oversee integration of the sprawling new company. Ellison will focus on long-term strategy, creative vision, technology and capital allocation. The combined Skydance will operate CBS, streaming services Paramount+ and HBO Max, pay-TV networks including CNN and MTV, and the film studios of Paramount and Warner Bros.
The appointment addresses a question that has dogged Ellison's rapid acquisition spree: can a tech executive effectively lead legacy media assets worth roughly $110 billion on an enterprise basis? Eighteen months ago, Ellison ran Skydance with a limited portfolio, primarily the Mission: Impossible franchise and "Top Gun: Maverick." By August 2025, he closed the Paramount deal at roughly $8 billion, then pursued and won a bidding war for Warner Bros. Discovery.
Kreiz brings 30 years of media experience. He earned recognition at Mattel by executing a turnaround starting in 2018 when the toy company was losing money after four years of revenue decline. He cut $1 billion in costs, restructured the supply chain, reduced product lines, closed manufacturing facilities and cut 2,200 jobs. Mattel returned to profitability within two years.
He is best known for launching Mattel's film division, which partnered with Warner Bros. to produce "Barbie" directed by Greta Gerwig. The film grossed over $1.4 billion globally.
Wall Street analysts express guarded confidence. Matthew Condon at Citizens Bank called Kreiz's appointment positive, citing his operating experience and IP focus. Eric Handler at Roth Capital Partners called it an excellent choice. Gerrick Johnson at Seaport Research Partners highlighted Kreiz's structural improvements at Mattel, including eliminating SKUs and rationalizing business lines.
However, Matthew Dolgin at Morningstar questioned whether Kreiz's entertainment background was sufficient. Dolgin wrote that "we view Kreiz as a chief operating officer" despite the co-CEO title, adding his appointment leaves Skydance better positioned than it was, though he may not be the best conceivable choice for the role.
The integration hinges on achieving significant expense synergies across the merged businesses and consolidating content and intellectual property operations.