Ynon Kreiz, who is stepping down as CEO of Mattel after eight years, will join David Ellison‘s Paramount — which is expected to close its mega-merger with Warner Bros. Discovery on Oct. 6 — as co-CEO of the new company, Paramount announced.

As chairman and CEO, Ellison will lead all strategy, creative and technology functions. Kreiz, as co-CEO, will oversee the company’s day-to-day operations and integration of the combined businesses. It’s a “pairing that joins complementary skillsets to amplify results,” Paramount said in announcing the appointment Wednesday. The businesses of the combined company (whose name has not yet been announced) will report jointly to both Ellison and Kreiz.

Kreiz will start at Paramount on Oct. 5, 2026, as co-CEO. He also will join the company’s board of directors.

News of Kreiz’s hiring came shortly after Paramount cleared the final step before it could close the $111 billion Warner Bros. Discovery merger when a judge approved the company’s settlement of the antitrust lawsuit brought by 12 state attorneys general. The merger is expected to close Oct. 6, according to Paramount regulatory filings.

Ellison’s appointment of Kreiz “caps a long-term plan: pursue both Paramount and Warner Bros. Discovery, then partner with a leading executive of his caliber to integrate, operationalize and manage the businesses as they build one of the most ambitious next-generation media companies in the industry’s history,” according to Paramount’s announcement.

One source close to the situation told Variety said that Ellison’s courting of Kreiz has been in the works for months and was “another ace up Ellison’s sleeve.”

Ellison said in a statement: “Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our industry. Leading it takes a rare combination of strategic vision, operational depth and experience running a public company at the highest levels of media. Ynon brings all three. In Ynon, I’m adding a partner with strong leadership and the operating firepower this integration demands. It’s a division of labor built on our complementary strengths, with clear reporting lines and it lets me focus where I can contribute most: long-term strategy, the company’s overall creative direction, talent relationships, strategic partnerships, technology and capital allocation. We’re like-minded, we see this business the same way and there’s no one I’d rather partner with. Together we’ll build one integrated company that is creator-first, tech-forward and built to scale globally.”

Kreiz said in a statement provided by Paramount: “I’m excited to partner with David to build the next-generation media and entertainment company — bringing together premium content and iconic brands at the highest quality and scale, serving global audiences across every entertainment vertical and distribution platform. David is a unique talent and executive: a rare blend of business acumen, creative instinct, and clear vision. I very much share that vision, and I’m inspired by what we can accomplish together. The industry is at an inflection point, demanding evolution, investment, and a willingness to rethink business models. I look forward to working with the leadership team to build a cohesive global entertainment platform — one that stands out with best-in-class operations and execution powered by technology, with unparalleled creative relationships, production capabilities, and global reach. We will continue empowering creators, make this company a greenfield for innovation and storytelling, and collaborate with key partners to reach and engage fans worldwide.”

Mattel earlier Wednesday announced that Kreiz will step down as chairman and CEO effective Oct. 2, “to take a senior leadership position at another public company.” Roger Lynch, Condé Nast’s CEO, has been named Mattel’s next CEO.

Kreiz, a veteran media exec, is the former chairman and CEO of Maker Studios, a YouTube-oriented digital content network acquired by Disney in 2014. Kreiz exited Disney in 2016 and joined Mattel in 2018. From 2008-11, he served as chairman and CEO of Endemol Group, and before that was a general partner at venture-capital firm Balderton Capital (formerly Benchmark Capital Europe) from 2005-07. Earlier in his career, Kreiz co-founded and was chairman and CEO of Fox Kids Europe.

Mattel has credited Kreiz with boosting its market share across key toy categories, ranking No. 1 globally in dolls, vehicles, and infant, toddler and preschool segments. Mattel also noted that Kreiz oversaw Mattel Studios’ first theatrical release, “Barbie” starring Margot Robbie, which was the top global box office film of 2023 and has stood as Warner Bros. Pictures’ highest-grossing movie of all time.

Along with Kreiz, the leadership of the combined Paramount-WBD is already taking shape. Casey Bloys, head of WBD’s HBO, is poised to assume oversight of the combined Paramount-Warner Bros. streaming business after Cindy Holland announced Tuesday she was stepping down from her role running Paramount+ and other direct-to-consumer.