David Ellison just brought in a co-CEO to run his new empire: Meet Ynon Kreiz

David Ellison has spent two years fighting to build his media empire. Now, he's bringing in a heavyweight to help him run it.

Ynon Kreiz, outgoing CEO of Mattel, will serve as co-CEO of the combined Paramount Skydance and Warner Bros. Discovery, to be named simply Skydance, when the merger closes on Tuesday.

The new entity will unite the storied film studios of Paramount and Warner Bros.; the CBS broadcast network; a sprawling portfolio of pay-TV networks that include CNN, TNT, MTV and BET; and streaming services Paramount+ and HBO Max, all under one roof.

The appointment of Kreiz to a top executive position alongside Ellison speaks to a governance question that has surrounded Ellison's aggressive pursuit of the legacy media assets: The tech executive and son of billionaire Larry Ellison can buy it, but can he lead it?

Not even 18 months ago, Ellison was the CEO of film production company Skydance with a limited portfolio of hits, namely the Tom Cruise-led Mission: Impossible franchise and "Top Gun: Maverick."

By August 2025, he was successfully closing an acquisition of Paramount, a deal worth around $8 billion. Roughly a month later, he started his campaign for WBD, spurring a back-and-forth bidding war that would ultimately result in a deal worth roughly $110 billion on an enterprise basis to merge two of Hollywood's biggest media companies.

Kreiz is a 30-year veteran of the media space, arguably best known for ushering "Barbie" to the big screen in 2023. He's earned a reputation as a turnaround man, with roots in entertainment despite his more recent stint in consumer goods.

He joins Paramount Skydance on Monday, and becomes co-CEO on Tuesday upon closing.

Many on Wall Street have lauded Kreiz for reviving toymaker Mattel through various cost-cutting measures, though others question if his previous entertainment experience is enough to help navigate Skydance through this merger — and how successfully he and Ellison will share the duties.

"We view the appointment of Ynon Kreiz positively, as his operating experience and brand/IP focus uniquely position him to help lead the integration of Paramount Skydance and WBD and build the combined business into a best-in-class content and IP platform," said Matthew Condon, analyst at Citizens Bank, in a research note published this week.

Ellison's focus will be on the company's long-term strategy, creative vision, technology and capital allocation, and Kreiz will be responsible for the company's day-to-day management and the integration of the combined businesses, the company said in announcing his role.

"Kreiz has extensive experience in media and entertainment from before his time at Mattel," Matthew Dolgin, senior equity analyst at Morningstar, wrote in a research note this week. However, "We don't necessarily think he is the best conceivable choice to handle this task."