Paramount to Share CEO Role as Warner Bros. Discovery Merger Closes

Paramount will appoint Ynon Kreiz as co-CEO alongside Chairman and CEO David Ellison when its $110 billion merger with Warner Bros. Discovery closes. The company announced the plan on September 30, 2026. The Verge

The split is clear. Ellison will cover long-term strategy, creative vision and direction, including talent relationships, business partnerships, technology and how capital is allocated, which means where money is invested. Kreiz will cover daily management and the work of combining the two businesses. The combined Paramount and Warner Bros. Discovery business will report jointly to Ellison and Kreiz. Paramount

Kreiz was previously chairman and CEO of Mattel. He joined Mattel in 2018 and stepped down as CEO after eight years. Under his leadership, Mattel launched the Barbie film in partnership with Warner Bros. Pictures. His first day at Paramount is October 5.

Clearance came first. A U.S. judge allowed Paramount to close the Warner Bros. acquisition on September 30, 2026, after approval of Paramount's settlement in a lawsuit brought by several states that had been blocking the deal. Reuters The court order followed a California-led legal challenge from 12 states.

The streaming team is already changing. Paramount streaming chief Cindy Holland announced she would be stepping down. HBO boss Casey Bloys is poised to take over both Paramount Plus and HBO.

Paramount documented the leadership plan in an official investor-relations press release titled 'CHAIRMAN AND CEO DAVID ELLISON ANNOUNCES YNON KREIZ CO-CEO', also distributed as a PR Newswire release. The company said Kreiz will serve as co-CEO to help build the next-generation global media company. Ellison is CEO of Paramount Skydance.

The broader context here is integration risk, the chance that joining large systems and teams causes disruption. Keeping creative direction, technology bets and spending decisions separate from daily operations should let streaming services, studio work and back-office systems keep running while bigger choices are made. In my view, the execution job facing Kreiz is the one to watch, unifying logins, recommendations, ad systems and content delivery without breaking what subscribers use today, and that work will decide whether scale brings more reliable service, lower delivery costs and more room to try new product ideas.