Paramount Skydance's acquisition of Warner Bros. Discovery is nearing completion; Ynon Kreiz will serve as co-CEO.

Paramount Skydance CEO David Ellison said that after completing the $110 billion acquisition of Warner Bros. Discovery, former Mattel CEO Ynon Kreiz will serve as co-CEO of the combined company. According to a statement released by Paramount Skydance on Wednesday, Ellison will continue as chairman of the company, and executives will report to both of them. Ellison said: "Ynon will be my partner, and he has strong leadership capabilities and the operational execution needed for this integration." Ellison is assembling a new management team, bringing together core talent from Warner Bros. as well as veteran executives such as Kreiz, to oversee the complex integration involving two major film studios, streaming platforms, television networks, and news organizations.