Ynon Kreiz, the outgoing CEO of Mattel, is joining Paramount as co-CEO of the combined Paramount–Warner Bros. Discovery company. According to an SEC filing disclosed Thursday, the 61-year-old executive's first-year pay package will total more than $46.5 million: a $5 million base salary, a $4.9 million annual bonus target, a one-time signing award of restricted stock units valued at $31.5 million, and a "pre-closing award" of 1.25 million shares of Class B common stock. Within 15 days of the WBD closing, he will also receive RSUs worth up to $5.1 million, and on the first anniversary of his employment he will be eligible for a $20.1 million annual equity award.
"Ellison and Kreiz will lead the anticipated combined company as one team, pairing complementary skillsets to maximize the full upside of the merger under a comprehensive long-term strategy," Paramount said in a statement. David Ellison will remain Chairman and CEO, focusing on long-term strategy, creative vision, talent relationships, strategic partnerships, technology, and capital allocation. Kreiz, who will also join the board, will handle day-to-day management and the integration of the combined businesses.
The appointment lands on the eve of one of Hollywood's biggest mergers ever. Kreiz starts on Oct. 5, one day before Paramount is set to close its $111 billion acquisition of Warner Bros. Discovery. At Mattel, Kreiz received $15.1 million in total 2025 compensation (including a $1.6 million salary) — his first-year Paramount package is roughly triple that. His stock awards, except the signing bonus, will vest in equal quarterly installments over three years, tied to continued employment.
Kreiz announced his departure from Mattel on Wednesday. The Wall Street Journal reported that Condé Nast CEO Roger Lynch will step in. Meanwhile, Warner Bros. film chiefs Mike De Luca and Pam Abdy are departing ahead of the merger, with a new executive expected to be hired to run Warner for Ellison. The emerging structure puts Ellison in charge of content and strategy and Kreiz in charge of operations and integration — the final power reshuffle before two entertainment giants become one.
Kreiz has signed a five-year employment contract. He takes the job Oct. 5, and Paramount closes the WBD acquisition the following day. Integration work begins immediately. The filing's vesting terms also mean his actual equity payouts over the next three years will depend on the merged company's share-price performance.