Ynon Kreiz, the outgoing chief executive of Mattel, has been appointed co-CEO of the new media company Skydance, officials announced. Kreiz will lead the company alongside David Ellison following the formal merger of Paramount Skydance and Warner Bros. Discovery, which is scheduled to close on Tuesday.
The newly formed entity, which will operate under the name Skydance, combines a significant portfolio of media assets. These include the Paramount and Warner Bros. film studios, the CBS broadcast network, cable channels such as CNN, TNT, and MTV, and the streaming services Paramount+ and HBO Max. According to company statements, the merged organization will manage approximately $79 billion in debt and aims to achieve $6 billion in cost savings within three years.
In an announcement outlining the new leadership structure, the company stated that Ellison will focus on long-term strategy, creative vision, and capital allocation. Kreiz will be responsible for day-to-day management and overseeing the integration of the combined businesses.
Kreiz joins Skydance after an eight-year tenure at Mattel, which he joined in 2018. During his time as CEO, Mattel initiated a turnaround strategy that included reducing its workforce by 2,200 employees, closing manufacturing facilities, and restructuring its supply chain. The company also launched an in-house film division, which partnered with Warner Bros. to produce the 2023 film “Barbie.” The movie generated over $1.4 billion at the global box office. Mattel reported a related revenue increase of $150 million in fiscal year 2023.
Prior to Mattel, Kreiz held leadership positions at several media and entertainment companies. He was chairman and CEO of Maker Studios, which was sold to The Walt Disney Co. in 2014, and previously led Endemol Group, an independent television production company. Earlier in his career, Kreiz co-founded Fox Kids Group Europe, which Disney acquired in 2002.
Financial analysts have offered varied perspectives on Kreiz’s appointment. In a research note, Matthew Condon, an analyst at Citizens Bank, wrote, “We view the appointment of Ynon Kreiz positively, as his operating experience and brand/IP focus uniquely position him to help lead the integration.” Eric Handler, a senior media analyst at Roth Capital Partners, told CNBC it was an “excellent choice for Paramount.”
Other analysts expressed more measured views. Matthew Dolgin, senior equity analyst at Morningstar, noted that while Kreiz is an “experienced hand who fills a void,” he is not necessarily “the best conceivable choice to handle this task.” Gerrick Johnson, an equity research analyst at Seaport Research Partners, acknowledged Kreiz’s initial cost-cutting successes at Mattel but stated that in the period after the COVID-19 pandemic, “The top line has flatlined. Margin growth has stalled. Innovation has stalled.”
The integration of Paramount and Warner Bros. Discovery into the new Skydance is a complex undertaking. Laura Martin, an analyst at Needham, estimated in a note to investors that the process could take two to three years.
As part of a settlement with a group of state attorneys general to resolve antitrust concerns, Skydance has agreed to release a minimum number of films annually, starting with at least 30 in 2027 and increasing to at least 32 per year from 2029 through 2031. The company also agreed to prohibit writer layoffs at the CBS broadcast network for at least five years.
A report from the Los Angeles Department of Economic Opportunity projected that the merger could put 4,500 film and television jobs in the county at risk over a three-year period as the companies combine their operations.
