Ynon Kreiz to serve as co-CEO of merged business effective Monday
Paramount’s $110 billion takeover of Warner Bros. Discovery could be finalized next week, CNN reported Wednesday, with the name of the new business announced as soon as Thursday.
A federal judge approved a Paramount Skydance antitrust settlement with California and 11 other states on the same day. The settlement, reached last week, resolves a lawsuit 12 state attorneys general had brought against Paramount alleging the acquisition of Warner Bros. Discovery would give the company too much control of the market.
Under its terms, Paramount has agreed to continue releasing 30 movies in theaters each year and to maintain a separate editorial department for CNN and CBS News.
Once the deal closes, it will bring together HBO Max, CNN, CBS News, Paramount+, Discovery, MTV, Warner Bros. and Paramount Pictures under a single corporate umbrella.
Separately on Wednesday, Paramount CEO David Ellison announced that he would hire Mattel CEO Ynon Kreiz as co-CEO of the combined business, effective Monday, according to NBC News. Ellison will remain chairman and CEO, and Kreiz will join the board of directors.
“As Chairman & CEO, Ellison will lead all strategy, creative and technology while Kreiz, as co-CEO will oversee the Company’s day-to-day operations and integration of the combined businesses,” the Paramount statement said.
Larry Ellison, David Ellison’s father and an ally of U.S. President Donald Trump, is financially backing the deal, NBC News reported.
California Attorney General Rob Bonta, who led the states that brought the antitrust lawsuit, said the settlement is not “a vote of support” for the merger.
“But we believe this settlement, which resolves our antitrust concerns in every market alleged in our case, protects competitions and consumer choice, and puts workers’ needs, concerns and futures first, is the best course of action,” Bonta said in a statement.