Paramount, a Skydance Company, has entered the final stages of merging with Warner Bros Discovery (WBD) after a federal judge approved last week’s settlement of an antitrust lawsuit filed by state attorneys general.
Just moments after Judge Araceli Martínez-Olguín issued an order accepting the settlement on September 30th, Paramount CEO David Ellison announced that he is hiring Ynon Kreiz to be co-CEO of the combined company. Kreiz has been the CEO of Mattel for the past eight years.
The media merger will unite Warner Bros movie studio with the Paramount studio, HBO Max with Paramount+, MTV with Discovery, and CBS News with CNN, creating one of the biggest media companies in the world.
Paramount said the merger is expected to close on October 6th. The new name of the combined company will be announced imminently.
Ellison commented: “Bringing together Paramount and Warner Bros Discovery to create a next-generation global media company is a transformational moment for our industry. Leading it takes a rare combination of strategic vision, operational depth and experience running a public company at the highest levels of media. Ynon brings all three. In Ynon, I’m adding a partner with strong leadership and the operating firepower this integration demands. It’s a division of labour built on our complementary strengths, with clear reporting lines and it lets me focus where I can contribute most: long-term strategy, the company’s overall creative direction, talent relationships, strategic partnerships, technology and capital allocation. We’re like-minded, we see this business the same way and there’s no one I’d rather partner with. Together we’ll build one integrated company that is creator-first, tech-forward and built to scale globally.”
Kreiz added: “I’m excited to partner with David to build the next-generation media and entertainment company — bringing together premium content and iconic brands at the highest quality and scale, serving global audiences across every entertainment vertical and distribution platform. David is a unique talent and executive: a rare blend of business acumen, creative instinct, and clear vision. I very much share that vision, and I’m inspired by what we can accomplish together. The industry is at an inflection point, demanding evolution, investment, and a willingness to rethink business models. I look forward to working with the leadership team to build a cohesive global entertainment platform — one that stands out with best-in-class operations and execution powered by technology, with unparalleled creative relationships, production capabilities, and global reach. We will continue empowering creators, make this company a greenfield for innovation and storytelling, and collaborate with key partners to reach and engage fans worldwide.”
ATV
