The former Mattel chief will lead the combined company with David Ellison as its merger with Warner Bros. Discovery nears completion.
Former Mattel chief executive Ynon Kreiz will take over as co-CEO of the combined Paramount and Warner Bros. Discovery under a five-year contract starting Oct. 5, according to a Paramount regulatory filing on Thursday.
Paramount’s board approved the appointment on Sunday, and the studio announced the move on Wednesday after Kreiz stepped down from Mattel that morning. Kreiz, 61, will run the company alongside David Ellison and will also take a seat on the board of directors. The filing cited his past executive roles running Endemol Group, Maker Studios and Fox Kids Europe.
The merger is scheduled to close on Tuesday after a two-month delay tied to a legal challenge by 12 state attorneys general and the Writers Guild of America. Outlets reported different totals for the deal’s size: Deadline valued the merger at $110 billion, while Variety reported it at $111 billion.
Salary and stock awards
The filing with the Securities and Exchange Commission outlines pay increases that kick in immediately after the deal closes. Before completion, Kreiz will earn a base salary of $3.5 million with a target bonus of $1.5 million. The day after the merger closes, his base pay will increase to $5 million and his target bonus will climb to $4.9 million.
Variety reported that Kreiz’s first-year compensation will exceed $46.5 million, which includes a one-time restricted stock unit signing award worth $31.5 million and 1.25 million shares of Class B common stock. Deadline reported that he is eligible for 2.6 million Class B shares alongside a separate 1.25 million share award, but did not report the $31.5 million signing grant.
Within 15 days of the merger closing, Kreiz will receive restricted stock units valued at up to $5.1 million, prorated for his first year. Starting on his first anniversary, he will receive an annual equity award of $20.1 million. Except for the signing award, the stock grants vest in quarterly installments over three years if he remains employed. Deadline reported his annual pay will reach at least $35.1 million by 2027.
The package marks a step up from Kreiz’s recent earnings at Mattel, where he made $18.9 million in 2023, $37.8 million in 2024, and $15.1 million in 2025, which included a $1.6 million base salary.
