David Ellison has appointed a new executive to share management of his combined media venture. Ynon Kreiz, the outgoing chief executive of Mattel, will serve as co-CEO of the merged Paramount-Warner Bros. Discovery and join its board of directors upon the transaction's close. Kreiz begins his tenure at Paramount on October 5, 2026, while Ellison retains his position as chairman and CEO.

The appointment follows earlier reports that Kreiz had informed his board at Mattel of his departure. An industry insider characterized the recruitment of the veteran toy executive as evidence that Ellison's strategy to strengthen the leadership team of the consolidated media giant should not be underestimated.