Mattel boss Ynon Kreiz will become co-head of Paramount after Warner takeover

Years ago, Mattel boss Ynon Kreiz got his foot in the door in Hollywood thanks to the success of the “Barbie” film. Now he will be based there as co-head of the future heavyweight Paramount.

Ynon Kreiz: He is to become co-boss with the previous Paramount director David Ellison. Photo: AP Photo/Chris Pizzello

San Jose. Shortly before the completion of the takeover of Warner Brothers, the Hollywood group Paramount brings the head of the toy giant Mattel into its top management. Ynon Kreiz is set to become co-boss alongside former Paramount director David Ellison. He will take up the job on October 5, Paramount said. According to current planning, the merger of the two studio groups should be completed the following day.

Ellison, who was previously successful as a film producer, will take care of strategy, creative direction and technology as a dual leader, it was said. Meanwhile, Kreiz will be responsible for managing day-to-day operations and the integration of Paramount and Warner. When the studios are merged, several thousand jobs are expected to be cut.

Paramount had promised investors that it would achieve annual savings of $6 billion in three years. Kreiz had undertaken a restructuring course at Mattel, which also included cutting jobs.

“Barbie” as a door opener

Kreiz's ticket into the Hollywood business was the success of the “Barbie” film a good three years ago. According to her statement, he gave the creators around director Greta Gerwig a free hand. The film was a box office hit and also became a cultural phenomenon of summer 2023 thanks to its feminist message.

The Mattel executive suite, meanwhile, was portrayed in the story as a group of greedy suits. The triumph of the “Barbie” film also temporarily caused sales of the dolls to skyrocket. Kreiz gave the green light for further films about Mattel toys.

Paramount at Warner on the home stretch

The completion of the $110 billion Warner takeover was expected in the next few days after California and other states dropped their lawsuits against the deal following an agreement. Paramount promised, among other things, to spend more money on filming in the USA over the next five years and to keep the premises of both studios in Los Angeles.

CNN controversy

Paramount was taken over by the family of tech billionaire Larry Ellison just over a year ago. His son David became CEO. He wants to swallow rival Warner Bros. Discovery to gain more weight in the industry, since Paramount is a relatively small player.

The Warner Group also owns the news channel CNN, whose fate received a lot of attention in debates about the takeover. CNN often reports critically about US President Donald Trump. He often rails against the broadcaster and recently banned him from the White House.

Larry Ellison is known as a Trump supporter, and Paramount network CBS adopted a friendlier tone toward the president and his administration after his family took over the company. Critics of the Warner deal therefore warned that CNN could lose its editorial independence in the hands of the Ellisons.

More: Due to competition lawsuits – Paramount is apparently planning to move out of California

dpa Published according to the editorial standards of the Handelsblatt. You can find more information in our guidelines.