Ynon Kreiz, the Israeli-born chairman and CEO of Mattel who led the company during the worldwide “Barbie” phenomenon and has spoken publicly about Israel and antisemitism since Oct. 7, will leave the toy company and join Paramount before becoming co-CEO of the combined Paramount-Warner Bros. Discovery company alongside David Ellison.
Kreiz, 60, will start at Paramount on Oct. 5. His appointment as co-CEO of the combined company will take effect when the merger closes. Ellison will remain chairman and CEO, while Kreiz will join the board and oversee day-to-day management and integration of the businesses.
Ellison will retain responsibility for long-term strategy, creative direction, talent relationships, strategic partnerships, technology and capital allocation.
“In Ynon, I’m adding a partner with strong leadership and the operating firepower this integration demands,” Ellison said in Paramount’s announcement. “It’s a division of labor 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.”
The Warner Bros. Discovery transaction is expected to close Oct. 6. A judge approved a settlement resolving an antitrust lawsuit brought by 12 state attorneys general shortly before Kreiz’s appointment was announced. The transaction has been valued at $111 billion. The merger would put Kreiz near the top of a company containing Paramount Pictures, Warner Bros. Pictures, CBS, CNN, HBO, Nickelodeon, MTV, Comedy Central, Showtime, Paramount+, Discovery and other film, television and streaming properties.
Kreiz has led Mattel since 2018 and will step down as chairman and CEO effective Oct. 2. Condé Nast CEO Roger Lynch has been named his successor at Mattel.
His tenure included Mattel’s expansion into entertainment and its first theatrical release, “Barbie.” The Greta Gerwig-directed film starring Margot Robbie finished 2023 as the No. 1 movie at the worldwide box office, earned nearly $1.45 billion and became Warner Bros. Pictures’ highest-grossing film.
Less than a year after “Barbie” finished atop the worldwide box office, Kreiz discussed the strategy behind the film at a May 2024 Creative Community for Peace panel attended by The Jewish Journal.
“It was not even about making a movie,” Kreiz said. “It was about creating a cultural event from the very beginning. This was the goal to create a cultural event knowing what Barbie stood for, because Barbie is so much more than a doll, Barbie is a pop culture icon.”
Kreiz said Mattel wanted director Greta Gerwig to make something that did not resemble a conventional movie based on a toy.
“We wanted to break convention,” Kreiz said. “We didn’t want to do something that would be trivial or obvious.”
Mattel reported $5.35 billion in revenue last year, compared with $4.5 billion in 2018. Revenue remained close to flat over the previous five years. Kreiz took over a company that was losing money and returned it to profitability. Net income was $397 million last year, compared with $903 million in 2021.
The 2026 live-action “Masters of the Universe,” based on Mattel’s He-Man franchise has so far earned about $114 million worldwide. Before Mattel, Kreiz led Maker Studios, Endemol Group and Fox Kids Europe. Maker Studios was acquired by Disney in 2014.
On Oct. 12,2023, Kreiz was one of the over 1,000 figures in the entertainment industry who signed a CCFP petition condemning Hamas’ terror attacks. He said he received hundreds of emails and text messages from non-Jewish people expressing support for him, his family and Israel.
Kreiz was born in Ramat Gan and grew up in Ramat Hen and Ramat Ef’al. His Israeli background has also become part of his public presence in Hollywood since the Oct. 7 attacks.
“People do take a position and stand up and make their opinion known,” Kreiz said about artists standing up for the Jewish people. “But from what I see and the people that I meet and where I spend my time, I still hear I see and I feel support for Israel. So we’re not alone.”
Asked whether entertainment companies should take public positions or cut ties with talent over statements about Israel, Kreiz said companies have obligations to employees, executives, shareholders and other groups, but said some issues fall outside ordinary corporate debate.
“Now sometimes it’s beyond debate and you can stand up against any type of hatred, racism, violence, abuse and all and other obvious social values,” Kreiz said.
He also said companies could act without making those actions public.
“Now I can tell you that certain companies took a hard line, other companies did things behind the scene without going public about it,” Kreiz said.
Kreiz was also asked about Billie Eilish and other artists who wore ceasefire pins at the 2024 Academy Awards. Kreiz said he could not speak for Eilish, but said some artists viewed the message as opposition to war rather than opposition to Israel.
“Many artists said, we are anti-war, not anti-Israel,” Kreiz said. “And this is where things get conflated. There’s misinformation, there’s confusion, there’s ignorance.”
