David Ellison Just Brought In a Co-CEO to Run His New Empire: Meet Ynon Kreiz

 

David Ellison Just Brought In a Co-CEO to Run His New Empire: Meet Ynon Kreiz

**By a Market Analyst & Business News Writer | October 3, 2026**

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## The Memo That Introduced the Most Important Hire in Hollywood

Let me tell you about a moment that reveals everything about how David Ellison thinks.

On Wednesday, September 30, 2026, Ellison sent a memo to Paramount employees. The subject line was simple: introducing a new leader. The name was one that would have surprised almost anyone who hadn't been paying close attention to Hollywood's back channels.

**"If you don't know Ynon yet, you're about to. If you do, you already know how lucky we are."**

Ynon Kreiz. The outgoing CEO of Mattel. The man who turned Barbie into a $1.45 billion box office phenomenon. And now the co-CEO of what will soon be the largest media company in modern history.

On October 6, 2026 — just three days from now — Paramount Skydance will close its **$110 billion acquisition of Warner Bros. Discovery**. And when it does, Kreiz will be standing right next to Ellison, running the show.

This is the story of the most consequential hire in Hollywood's recent memory — and what it tells you about the future of the entertainment industry.

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## Who Is Ynon Kreiz? The Man Behind Barbie

Let me introduce you to the executive who just became one of the most powerful people in media.

### From Ramat Gan to Hollywood

Ynon Kreiz was born in Israel and grew up in Ramat Gan, a city just east of Tel Aviv. He studied at Tel Aviv University before spending several years as a **windsurfing instructor** — not exactly the typical path to running a Hollywood empire.

He moved to Los Angeles to pursue an MBA at UCLA, where he met **Haim Saban**, the Israeli-American media mogul behind the Power Rangers franchise. The two struck up a friendship and business partnership that would define Kreiz's career.

In the 1990s, Kreiz established **Fox Kids Europe** in London on behalf of Saban. The company was ultimately sold to Disney as part of a **$2.9 billion deal**. Saban told the Telegraph: **"I did take a bet on Ynon, and it paid off… big time. He came across as a very fast learner, a relentless, hard-working person who never took no for an answer, and all done with class and charm."**

### The Media Resume

Before Mattel, Kreiz built a career at the intersection of television, digital media, and brand-building:

**Endemol Group**: From 2008 to 2011, Kreiz served as chairman and CEO of the world's largest independent television production company, the force behind "Big Brother." His reorganization efforts reduced costs by **20%**, though revenue and profits continued to fall.

**Maker Studios**: From 2013, Kreiz ran the YouTube multi-channel network, which he sold to Disney in 2014 for **$500 million**.

**Fox Kids Europe**: He co-founded and led the children's television network before its sale to Disney.

### The Mattel Transformation

In 2018, Kreiz took over Mattel — a company that had cycled through four CEOs in four years and was losing money.

His vision was radical: **Transform Mattel from a toy manufacturer into an IP-driven entertainment powerhouse.** He wanted to take the company's iconic brands — Barbie, Hot Wheels, American Girl, Fisher-Price — and turn them into movies, TV shows, games, and live experiences.

The crown jewel of that strategy was **"Barbie."** The 2023 film, directed by Greta Gerwig and starring Margot Robbie and Ryan Gosling, became a cultural phenomenon. It grossed **$1.45 billion globally** — Warner Bros.' highest-grossing film ever — and generated **$90 million in operating profit** for Mattel.

Under Kreiz's leadership, Mattel ranked **number one globally** in Dolls, Vehicles, and Infant, Toddler & Preschool categories.

But the Barbie movie, for all its success, didn't translate into sustained growth. **Mattel's revenue has stayed essentially flat for five years.** The stock is up just **5% during Kreiz's tenure**, while the S&P 500 has gained nearly **200%**.

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## The Mattel Paradox: Why David Ellison Wanted Him Anyway

So why would Ellison hire a CEO whose company was struggling?

The answer is simple: **Ellison doesn't need a toy executive. He needs an operator.**

### The Division of Labor

According to the announcement, Ellison and Kreiz will split responsibilities in a very specific way:

**David Ellison will lead strategy, creative, and technology.** He's the visionary. He decides what stories to tell, what technologies to invest in, and where the company is headed. He'll focus on "long-term strategy, the company's overall creative direction, talent relationships, strategic partnerships, technology and capital allocation."

**Ynon Kreiz will oversee day-to-day operations and the integration of the combined businesses.** He's the operator. He makes sure the trains run on time while two massive companies merge. He'll manage "daily operations, including the integration of both media companies, including studios, TV and streaming."

Company executives will report to both CEOs.

### The $6 Billion Integration Challenge

Why does Ellison need an operator? Because the integration challenge is **enormous**.

Paramount has promised investors **$6 billion in annual savings** within three years of closing the deal. Achieving that will require merging two massive studios, combining streaming services (Paramount+ and HBO Max), and cutting thousands of jobs.

Kreiz has done this before. At Mattel, he executed more than **$1.5 billion in savings** through thousands of job cuts and a simpler manufacturing strategy. At Endemol, he reduced costs by **20%**.

"The hire gives Ellison, whose background is on the creative side, a seasoned operator who steered Mattel through the pandemic and tariffs," RTE noted.

### The Strategic Logic

Ellison's memo to employees captured the philosophy behind the hire:

**"Once the WBD transaction is finalized, I always planned to partner with an executive of Ynon's caliber. Our skills and experience complement each other, and we share a vision for what this company can become. Together we are well positioned to integrate, operationalize and run the businesses as we build one of the most ambitious next-generation media companies in the industry's history."**

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## The Empire Being Built

Let me give you the context on the deal itself, because the scale is staggering.

### The $110 Billion Merger

The combined Paramount-Warner Bros. Discovery will unite:

- **Two of Hollywood's five remaining legacy studios** — Paramount Pictures and Warner Bros.

- **Two major streaming services** — Paramount+ and HBO Max

- **Major television networks** — CBS, CNN, MTV, TBS, TNT, and the Food Network

- **Iconic film franchises** — DC Studios, Harry Potter, Mission: Impossible, Star Trek, and Top Gun

The deal was signed in February 2026, after Paramount beat out Netflix in a bidding war.

### The Financial Engineering

To fund the acquisition, Paramount priced a massive **$52 billion financing package** including investment-grade bonds, high-yield (junk) bonds, and term loans. The combined company will begin with approximately **$80 billion in net debt**.

The investor demand was extraordinary. The blue-chip bond offering alone drew more than **$109 billion in orders** — 3.4 times the expected deal size.

But the additional debt will push Paramount's leverage to approximately **7 times earnings**, according to Moody's, which warned that credit metrics will "resemble those of highly speculative issuers."

### The Legal Settlement

The deal faced a major legal challenge from **12 state attorneys general**, led by California AG Rob Bonta. They argued that combining Paramount and Warner Bros. would reduce competition and lead to higher prices.

The settlement, approved by U.S. District Judge Araceli Martinez-Olguin on September 30, included significant commitments from Paramount:

- **Invest $1.5 billion in U.S. film and TV production** over five years

- **Release at least 30 films theatrically** in each of the first two years, and 32 annually thereafter

- **Negotiate cable channel deals separately** for Paramount and Warner channels over the next five years

- **Form a "News Editorial Independence Board"** to monitor CBS and CNN within 180 days

- **Establish a $47.5 million fund** to support workers affected by the merger

The Writers Guild of America also settled its antitrust lawsuit, with Paramount agreeing to pay **$17.5 million** to the union's health fund.

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## The Opposition: Why Not Everyone Is Celebrating

The merger has faced fierce opposition from a coalition of Hollywood creatives, labor unions, press-freedom advocates, and Democratic lawmakers.

### The "Block the Merger" Coalition

More than **4,700 film and TV stars and creatives** signed an open letter opposing the deal, organized by the **BlocktheMerger.com** campaign. Signatories include Mark Ruffalo, Jane Fonda, and Ben Stiller.

"We are deeply concerned by indications of support for this merger that prioritize the interests of a small group of powerful stakeholders over the broader public good. The integrity, independence, and diversity of our industry would be grievously compromised," the letter stated.

### The Economic Concerns

A report commissioned by an L.A. County department found that **4,500 job-years are directly at risk** and **2,661 job-years are indirectly at risk** as a result of the merger. An additional **3,204 jobs** from unrelated businesses supported by the companies — like florists and restaurants — are also at risk.

"Layoffs will follow. People from L.A. to Atlanta will lose their jobs, small businesses will lose their contracts, your cable bill and movie ticket will be even more expensive," said Alvaro Bedoya, a former FTC commissioner and senior advisor at the American Economic Liberties Project.

### The Political Dimension

Senator Elizabeth Warren warned that "a handful of Trump-aligned billionaires are trying to seize control of what you watch and charge you whatever price they want."

The merger will also give **Saudi Arabia's sovereign wealth fund** a stake in the combined company, raising concerns about foreign influence over American news outlets like CNN and CBS.

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## Frequently Asked Questions (FAQs)

### Q1: Who is Ynon Kreiz?

Ynon Kreiz is the former Chairman and CEO of Mattel, the toy company behind Barbie, Hot Wheels, and Fisher-Price. He has been named **co-CEO of the combined Paramount-Warner Bros. Discovery**, alongside David Ellison. He starts at Paramount on **October 5**.

### Q2: What will Kreiz's role be?

Kreiz will **oversee day-to-day operations and the integration of the combined businesses**, including studios, TV, and streaming. David Ellison will focus on **strategy, creative direction, and technology**. Company executives will report to both CEOs.

### Q3: Why did David Ellison hire Kreiz?

Ellison needs an **operator** to manage the massive integration of Paramount and Warner Bros. Kreiz has a track record of cost-cutting and operational leadership at Mattel and Endemol, and he brings **media and entertainment experience** from his previous roles at Maker Studios, Endemol, and Fox Kids Europe.

### Q4: What happened at Mattel under Kreiz?

Kreiz transformed Mattel's strategy to focus on **entertainment and brand extensions**. The "Barbie" movie became Warner Bros.' highest-grossing film ever at **$1.45 billion**. However, Mattel's **sales have been stagnant for five years**, and the stock is up just **5% during his tenure**.

### Q5: When will the Paramount-Warner Bros. merger close?

The deal is expected to close on **October 6, 2026**, following the approval of a settlement with 12 state attorneys general.

### Q6: What does the combined company own?

The merged entity will unite **Paramount Pictures and Warner Bros.** (two of Hollywood's five legacy studios), **Paramount+ and HBO Max**, and networks including **CBS, CNN, MTV, TBS, TNT, and the Food Network**. It will own franchises including **DC Studios, Harry Potter, Mission: Impossible, Star Trek, and Top Gun**.

### Q7: What are the financial risks of the deal?

Paramount's leverage will rise to approximately **7 times earnings**, and the combined company will carry roughly **$80 billion in net debt**. The company has promised **$6 billion in annual savings** within three years to manage the debt.

### Q8: What does the settlement with states require?

The settlement requires Paramount to invest **$1.5 billion in U.S. film and TV production**, release at least **30 films theatrically** in each of the first two years, establish a **News Editorial Independence Board** for CBS and CNN, and create a **$47.5 million fund** for displaced workers.

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## Conclusion: The Operator and the Visionary

David Ellison just made the most important hire of his career. And it tells you exactly what kind of CEO he wants to be.

Ellison is a **visionary**. He's a film producer. He's the son of a tech billionaire who believes in the power of storytelling and technology. He wants to build something.

But visionaries need operators. They need someone who can take their big ideas and make them work — who can cut costs, integrate systems, manage thousands of employees, and deliver on financial promises.

That's what Ynon Kreiz is.

Is he a perfect choice? No. Mattel's stock is up just 5% during his tenure. Revenue has been flat for five years. The Barbie movie, for all its cultural impact, didn't translate into sustained growth.

But Kreiz did something remarkable at Mattel: **He turned a toy company into an entertainment company.** He took Barbie — a 65-year-old doll — and made her a movie star. He proved he could bridge the worlds of consumer products and Hollywood.

That's exactly what Paramount-Warner Bros. needs.

The combined company will own some of the most iconic brands in entertainment: **DC, Harry Potter, Mission: Impossible, Star Trek, CNN, HBO**. The challenge is making them work together — in streaming, in theaters, in licensing, in experiences.

Kreiz has done this before. He made Barbie work.

Now he has to make Paramount-Warner Bros. work.

The deal closes October 6. The integration begins the day after. And for the first time in a decade, Hollywood has a new power player.

His name is Ynon Kreiz. And he used to sell toys.

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## Disclaimer

This article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. The information contained herein is based on publicly available sources as of October 3, 2026. Stock market investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. The author and publisher are not responsible for any financial decisions made based on the information presented in this article. Always consult a qualified financial advisor before making any investment decisions. The author does not hold positions in any of the securities mentioned.

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