Paramount Skydance Corporation has announced the appointment of Ynon Kreiz as Co-Chief Executive Officer and a member of the Board of Directors, effective October 5, 2026. The appointment is part of the company’s strategy to integrate the anticipated merger with Warner Bros. Discovery (WBD). David Ellison will remain the sole principal executive officer and Chairman of the Board following the merger closing.
Kreiz, age 61, joins the company from Mattel, Inc., where he has served as Chairman and Chief Executive Officer since 2018. The company noted his experience in transforming Mattel into an IP-driven play and family entertainment company. Prior to Mattel, Kreiz served as Chairman and CEO of Maker Studios, Endemol Group, and Fox Kids Europe.
In connection with the appointment, Paramount Skydance and Paramount Global entered into an employment letter agreement with Kreiz. The agreement provides for an initial five-year term. Under the terms, Kreiz is entitled to an annual base salary of no less than $3.5 million, which will increase to $5 million upon the closing of the WBD merger. His annual bonus is targeted at $1.5 million, increasing to $4.9 million upon the WBD closing.
Kreiz will also receive equity awards. These include a Signing Award of 2,625,000 shares of Class B Common Stock, a Pre-Closing Award of 1,250,000 shares, and a Post-Closing Award with an aggregate grant date value of up to $5.1 million. Additionally, he will receive annual equity awards with a grant date value of $15 million, increasing to $20.1 million following the WBD closing.
The agreement outlines severance benefits for a qualifying termination. If terminated without cause or for good reason, Kreiz would receive two times his base salary and target bonus in cash over 24 months, accelerated vesting of equity awards, and subsidized health benefits. The agreement also includes provisions for a "best pay cap" reduction on parachute payments under Internal Revenue Code Section 280G.
The company also disclosed that the WBD merger is expected to close on October 6, 2026. At the effective time of the merger, each share of WBD common stock will be converted into the right to receive an amount in cash equal to $31.00 plus a daily accrual factor.
