David Ellison just picked Mattel's Ynon Kreiz as co-CEO of the merged Paramount-WBD

David Ellison, the former sole CEO of Paramount, has chosen Mattel's former CEO, Ynon Kreiz, as his co-CEO for the merged Paramount-Warner Bros. Discovery, according to the announcement made on Wednesday. The new co-CEO position will be filled on Monday, October 5. Ellison and Kreiz will jointly oversee the operations of Paramount and Warner Bros.

Discovery, which are expected to merge in the coming days as part of a $110 billion deal. Ellison will focus on creative and technology strategies, while Kreiz will handle day-to-day management and the integration of the merger. During Kreiz's time at Mattel, which began in 2018, he aimed to transform the toy company into a major player in the entertainment industry.

Although he achieved early success with the billion-dollar blockbuster "Barbie," the "Masters of the Universe" movie based on He-Man action figures was a commercial failure. Mattel is currently replacing Kreiz with Roger Lynch, the former CEO of Condé Nast. The Paramount-Warner Bros. Discovery merger, which involves HBO and CNN, is almost complete following a month-long process that included hostile bids, a competing offer from Netflix, and lawsuits from 12 US states and Hollywood writers. This story is ongoing and will be updated.