Mattel boss Ynon Kreiz to co-lead Paramount-Warner Bros. on $35m pay deal
Former Mattel chief Ynon Kreiz will collect at least $35.1 million a year from 2027 as co-chief executive of the soon-to-merge Paramount and Warner Bros. Discovery. Paramount set out his five-year contract in a filing to the US markets regulator, the Securities and Exchange Commission, on 1 October. The $110 billion merger is slated to close on Tuesday, according to Deadline.
Paramount’s board approved the appointment on Sunday. The contract starts on Monday, 5 October. Kreiz will serve as co-chief executive, meaning he will share the top job, alongside Chairman and CEO David Ellison.
The cash terms step up when the deal closes. His annual base salary is $3.5 million. It rises to $5 million the day after the merger closes. His annual bonus target is $1.5 million. That increases to $4.9 million after closing.
Equity makes up most of the package. Kreiz will be eligible for 2.6 million shares of Class B stock, the main listed share class, plus another stock award of 1.25 million shares. Within 15 days after the merger close, he will be granted restricted stock units, meaning shares paid out if he stays in post, worth up to $5.1 million. That grant is prorated based on the part of the first year worked after closing. Starting on 5 October 2027, he will receive annual equity awards worth $20.1 million.
Kreiz is 61. His exit from Mattel was announced on Wednesday morning, with Paramount revealing his new post later that day. He served as chairman and chief executive of the toy maker. He previously led Endemol Group, Maker Studios and Fox Kids Europe before joining Ellison.
His Mattel pay varied with share awards. He earned $18.9 million in 2023, $37.8 million in 2024 and $15.1 million last year.
The leadership move finalises a fraught run to closing. The merger was put in limbo for two months by a legal challenge from 12 state attorneys general and the Writers Guild of America. A US judge entered an order on Wednesday allowing Paramount to close the acquisition, the Detroit News reported.
Paramount had earlier settled with California and other states to clear a major hurdle, according to Reuters. That settlement includes the creation of independent editorial boards for CNN and CBS. It also includes a $30 million penalty per film for any shortfall under the film commitments in the agreement.
For viewers, this means one team will soon run two large Hollywood libraries. Upon closing, Ellison will remain chairman and CEO of the combined organisation, while Kreiz will serve as co-CEO and join its board, Paramount said in a company statement. The company expects the combination to generate more than $6 billion in run-rate synergies, meaning recurring annual savings and efficiencies once the businesses are joined.
