Paramount Skydance Names Mattel's Ynon Kreiz Co-CEO Days Before Warner Bros. Discovery Merger Close
Kreiz, 61, steps in as operator alongside Chairman David Ellison, with his base salary set to jump from $3.5 million to $5 million at closing.
Paramount Skydance's board appointed Ynon Kreiz Co-CEO and a board member on Sunday, with both roles taking effect October 5 — one day before the company's merger with Warner Bros. Discovery is expected to close. Kreiz, who has run Mattel as Chairman and CEO since 2018, will pair with David Ellison to lead what the company's press release calls one of the most ambitious media combinations in Hollywood history.
What The 8-K Says
The appointment was disclosed in an 8-K filed Thursday with the SEC. Under the terms of a five-year employment letter agreement signed Sunday, Kreiz's annual base salary starts at $3.5 million and rises to $5 million the day after the Warner Bros. Discovery merger closes. His annual bonus target starts at $1.5 million and steps up to $4.9 million at that same closing.
On or shortly after his October 5 start date, Kreiz will receive two equity grants: 2,625,000 fully vested restricted stock units — the signing award — and a separate pre-closing award of 1,250,000 restricted stock units that vest in equal quarterly installments over three years. Within 15 days of the merger closing, he will receive an additional post-closing restricted stock unit award worth up to $5.1 million, prorated for the portion of his first year remaining after closing.
Annual equity awards, beginning on the first anniversary of his start date, are set at $15 million — rising to $20.1 million for grants made after the Warner Bros. Discovery deal closes.
If Kreiz is terminated without cause or resigns for good reason, the letter agreement entitles him to two times the sum of his then-current base salary and target bonus, paid over 24 months, plus accelerated vesting of equity that would have vested in the following 24 months and up to 24 months of company-subsidized health and dental coverage.
The Division Of Responsibilities
Ellison will retain the title of sole principal executive officer until Kreiz's roles become effective on October 5, the filing said. After that, the two will split the job: Ellison takes long-term strategy, creative direction, talent relationships, technology, and capital allocation, while Kreiz takes charge of day-to-day operations and the integration of the combined businesses following closing.
The structure reflects the logic the press release lays out: Ellison spent years pursuing both Paramount and Warner Bros. Discovery as a long-term plan, and the Kreiz hire is its capstone — bringing in an experienced operator to manage the integration while Ellison focuses on strategy and creative.
Kreiz's Track Record At Mattel
Kreiz, 61, has led Mattel since April 2018 as CEO and since May 2018 as Chairman, and has sat on Mattel's board since 2017. The company's press release credits him with transforming Mattel into an intellectual-property-driven entertainment company, expanding its brands into film, television, digital games, and live events across more than 150 countries.
The clearest data point: Mattel's first theatrical release, "Barbie," became the top-grossing film globally in 2023 and Warner Bros. Pictures' highest-grossing movie of all time, according to the press release.
Before Mattel, Kreiz ran Endemol Group as Chairman and CEO from 2008 to 2011, led Maker Studios as CEO from 2013 to 2015, and co-founded Fox Kids Europe, serving as its Chairman and CEO from 1996 to 2002. He has also served on the board of Warner Music Group since May 2016. In 2024, TIME named him one of its 100 Most Influential People in the World, and Cannes Lions named him Entertainment Person of the Year.
What To Watch: October 6
The Warner Bros. Discovery merger is expected to close October 6, subject to customary closing conditions. If it closes on that date, each share of Warner Bros. Discovery common stock will convert to $31.01666668 in cash — the base $31.00 per share plus a daily accrual of roughly $0.00277778 for each calendar day after September 30.
At closing, Kreiz formally becomes Co-CEO of the combined company, his base salary steps to $5 million, his bonus target moves to $4.9 million, and his annual equity award pool rises to $20.1 million.
PSKY shares edged up about 0.11% to $9.35 in Thursday after-hours trading following the disclosure, which arrived after the 4:00 p.m. ET close. At Thursday's close, the stock was at $9.34, down 9.58% on the session, according to market data.
With the merger expected to close October 6, Kreiz has roughly one day between his official start and the moment his compensation, his title, and the company he is running all change at once.
Sources
- 8-K Filing — Paramount Skydance Corp (PSKY) — SEC EDGAR
- Exhibit tm2626659d2_ex99-1.htm — Paramount Skydance Corp 8-K exhibit — SEC EDGAR
- Exhibit tm2626659d2_ex99-2.htm — Paramount Skydance Corp 8-K exhibit — SEC EDGAR
- Cindy Holland Leaving Paramount Ahead Of WBD Merger — deadline.com
- Paramount streaming chief Cindy Holland exits studio - Los Angeles Times — latimes.com
- David Ellison Taps Mattel's Ynon Kreiz to Be Co-CEO of Merged Paramount-Warner Bros. — variety.com
- David Ellison names Ynon Kreiz co-CEO of Paramount-WBD — cnbc.com
- Read David Ellison's Memo to Employees About Paramount's New Co-CEO - Business Insider — businessinsider.com
