The news
On September 30, 2026, Paramount Skydance chairman and CEO David Ellison named Mattel (MAT) chief executive Ynon Kreiz as co-CEO, a role that started October 5, one day before the company completed its acquisition of Warner Bros. Discovery. The Ynon Kreiz Paramount co-CEO appointment splits strategy from daily operations.
Under the structure described in Paramount's announcement, Ellison remains chairman and CEO and keeps long-term strategy, creative vision, talent relationships, strategic partnerships, technology and capital allocation. Kreiz oversees day-to-day operations and the integration of the combined businesses, and the company said business units will report to both executives.
Paramount's Form 8-K, filed October 1, said Kreiz was appointed co-CEO and a member of the board effective October 5, while Ellison remains the company's sole principal executive officer. The company announced on October 6, 2026, that it had completed the Warner Bros. Discovery acquisition and renamed itself Skydance Corporation, with shares trading on the NYSE under the ticker SKYD. Ynetnews described the combination as a $110 billion merger.
The filing laid out Kreiz's pay. His base salary is $3.5 million a year, rising to $5 million after the merger closes, and his target bonus is $1.5 million, rising to $4.9 million. He receives a signing award of 2.625 million fully vested restricted stock units (RSUs), plus 1.25 million RSUs vesting quarterly over three years and annual equity awards of $15 million in grant value, rising to $20.1 million after closing.
Kreiz, 61, had been Mattel's CEO since April 2018 and its chairman since May 2018, according to the filing. He previously ran Maker Studios, Endemol Group and Fox Kids Europe. Ynetnews credited him with leading the revival of the Barbie brand. Mattel said on September 30 that Kreiz would resign effective October 2 and that board member Roger Lynch, chief executive of Condé Nast, would become chairman on October 2 and CEO on or before November 2.
The numbers
- Merger size (per Ynetnews)
- $110 billion
- Base salary before / after close
- $3.5M / $5M
- Target bonus before / after close
- $1.5M / $4.9M
- Signing award
- 2.625 million fully vested RSUs
- Merger completed
- October 6, 2026
Why CEOs should care
For boards, the split is a template worth studying. A founder-led acquirer facing a large integration has handed operations to a seasoned outsider while keeping strategy, technology and capital allocation at the top. The open question is accountability: business units report to both leaders, and the SEC filing keeps Ellison as sole principal executive officer. Directors weighing a co-CEO model should ask exactly who breaks ties on budgets and headcount.
For investors and CFOs at media and consumer companies, the pay package shows what it costs to recruit a sitting public-company CEO for an integration role. Post-closing salary, bonus and annual equity awards are all stepped up, which ties the bulk of Kreiz's pay to the combined company. Compensation committees can use the filing as a benchmark.
For Mattel, the handoff is set: Roger Lynch, a board member since 2018, became chairman on October 2 and is due to take over as CEO on or before November 2, according to the company. Mattel's partners and licensees will want clarity on whether Lynch, a media and streaming executive, keeps the film and entertainment strategy Kreiz built.
The bigger picture
Media mergers often stumble on integration rather than on deal terms. By giving one executive full ownership of operations and integration, Paramount is betting that a dedicated operator can merge studios, streaming services and networks while Ellison concentrates on technology and long-term strategy.
Kreiz's career in children's media, digital video and toys fits a combined company that leans on franchises and intellectual property across film, TV and consumer products.
What’s next
With the Warner Bros. Discovery deal closed on October 6, watch for Skydance's first senior leadership slate, the integration plan Kreiz presents, and Roger Lynch's start as Mattel CEO, due on or before November 2.
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