The new and huger Paramount has a new co-CEO

Paramount is appointing a new co-CEO ahead of the close of its $110 billion merger with Warner Bros. Discovery. Ynon Kreiz, previously Mattel’s chairman and CEO, will be joining Paramount to lead alongside chairman and CEO David Ellison.

According to Paramount, “Ellison will focus on the company’s long-term strategy, creative vision and direction, including its talent relationships, strategic partnerships, technology and capital allocation. Kreiz will focus on the company’s day-to-day management and integration of the combined businesses.” The combined Paramount and Warner Bros. Discovery will “report jointly” to Ellison and Kreiz.

Kreiz joined Mattel in 2018. While he was leading the company, it launched the hit Barbie film in partnership with Warner Bros. Pictures. His first day at Paramount is October 5th.

On Tuesday, Paramount’s streaming chief, Cindy Holland, announced that she would be stepping down, and Variety reports that HBO boss Casey Bloys is “poised” to take over both Paramount Plus and HBO.