Skydance’s David Ellison introduced his new co-CEO, Ynon Kreiz, to the employees just ahead of the company’s merger with Warner Bros. Discovery. In a purported memo, Ellison said, “If you don’t know Ynon yet, you’re about to. If you do, you already know how lucky we are.”
David Ellison earlier announced that former Mattel Inc. chief will be co-CEO of the combined companies after completing the pending $110 billion acquisition of Warner Bros. Discovery I
According to Business Insider, Paramount said in its announcement that Ellison would lead the combined company’s creative and tech strategy, while Kreiz would oversee day-to-day operations and deal integration.
Company executives will report to both, Bloomberg reported.
Ellison wrote a memo, seen by Business Insider, to employees, introducing Kreiz as “a proven builder and operator,” and said he’d “always planned to partner with an executive of Ynon’s calibre.”
Read Ellison’s full memo here:
The memo shared by Ellison with the employee, and obtained by the Business Insider, reads as follows:
Team,
I’m proud to introduce Ynon Kreiz, who will serve as Co-CEO of the combined company, effective at closing.
Once the WBD transaction is finalized, I always planned to partner with an executive of Ynon’s caliber. Our skills and experience complement each other, and we share a vision for what this company can become. Together we are well positioned to integrate, operationalize and run the businesses as we build one of the most ambitious next-generation media companies in the industry’s history.
If you don’t know Ynon yet, you’re about to. If you do, you already know how lucky we are. He is a proven builder and operator, who shares our vision and cares deeply about our creative mission. There’s nobody I’d rather have standing next to me as we take this next step.
Most recently, Ynon was Chairman and CEO of Mattel, the global play and family entertainment company, where he led an unprecedented transformation of the business and executed its multi-platform, brand-centric strategy. Before that, he was Chairman and CEO of Maker Studios, a global leader in short-form video and one of YouTube’s largest multichannel networks. He previously served as Chairman and CEO of Endemol Group, then the world’s largest independent television production company.
Our press release shares more about Ynon, our partnership and why I’m so excited about what it means for our future.
We still have work to do before the deal closes, and nothing changes until it does. But I wanted you to hear this from me first. I hope you’re as excited as I am to welcome Ynon to our leadership team.
Can’t wait to get started.
David
Paramount-Warner Bros. merger set to close next week
Paramount expects the merger to close on October 6, Variety reported citing regulatory filings. The companies announced later Wednesday that that’s indeed the plan.
A California federal judge on Wednesday cleared the way for the merger to close by signing off on a deal to resolve the lawsuit filed by 12 state attorneys general who had opposed the merger.
Among the conditions agreed to in the settlement were Paramount’s pledge to release at least 30 films a year in theaters, and to create an editorial independence board for its news organizations CBS and CNN.
Along with Kreiz, Warner Bros. streaming chief Casey Bloys is expected to take a leading role at the new company. Following the departure of Paramount streaming chief Cindy Holland on Tuesday, Bloys is poised to take over streaming operations for both Paramount and HBO Max following the merger, Bloomberg previously reported.
With the deal closed, Warner Bros. Discovery CEO David Zaslav is expected to depart. Zaslav stands to earn more than $550 million in stock and cash once the Paramount-WBD deal closes, including $34.2 million in cash severance payments, Variety reported.
Other top WBD execs anticipated to exit include chief revenue and strategy officer Bruce Campbell and CFO Gunnar Wiedenfels.
The merged Paramount-WBD will bring together two of Hollywood’s biggest movie studios; the HBO Max and Paramount+ streaming services; and TV businesses including CBS, CNN, MTV, TBS, Comedy Central, Food Network and more.
The new company’s entertainment franchises will span Harry Potter, “Game of Thrones” and other HBO hits, the DC Universe, “Yellowstone,” “Mission: Impossible,” “Top Gun” and the Nickelodeon kids’ empire.
Who is Ynon Kreiz?
Prior to joining Mattel, Kreiz served as CEO of Maker Studios Inc., a network of popular YouTube creators that was acquired in 2014 by Walt Disney Co. for $500 million.
After the deal, Maker struggled with layoffs, turnover among its leadership and contract disputes with its YouTubers. It was absorbed by the Disney Digital Network in 2017, which was later dissolved.
Kreiz also served as chairman and CEO of the Endemol Group, once the world’s largest independent television production company, and, before that, as chairman and CEO of Fox Kids Europe.
Kreiz has worked closely with Warner Bros. after Mattel partnered with its movie studio to produce Barbie, a film inspired by the toymaker’s nearly 70-year-old doll brand. Kreiz has sought to adapt other popular games and toys, including Hot Wheels and Magic 8 Ball, for the big screen.
According to Blomberg, Kreiz’s extensive experience in cost-cutting could also help Ellison, who aims to shed $6 billion worth of expenses once the companies merge.
Paramount, which is seeking outside equity to help back its Warner Bros. buyout, is also selling debt to fund the acquisition and could face as much as $500 million a year in extra interest costs for selling now rather than earlier in the year, the report added.