Court Approves Paramount-Warner Bros Merger; Mattel’s Ynon Kreiz Named Co-CEO

A U.S. judge on Wednesday entered an order allowing Paramount to close its $110 billion acquisition of Warner Bros., ending a months-long delay, while the company simultaneously announced that Mattel CEO Ynon Kreiz will serve as co-CEO of the combined entity.

U.S. District Court Judge Araceli Martínez-Olguín approved a September 21 settlement with a California-led coalition of 12 states that had sued to block one of the largest media mergers in history, arguing it would create a behemoth capable of driving up film and television prices.

Under the settlement terms, the merged company must release at least 30 films annually in U.S. theaters for five years and increase annual U.S. production spending by $300 million. Failure to meet the film quota could compel the divestiture of Miramax. The agreement also requires the two companies’ cable channels to be negotiated separately and establishes a board of journalists to oversee CBS News and CNN.

Opponents of the merger objected strongly to the settlement, urging the court to reject it. Judge Martínez-Olguín, however, characterized the deal as a “reasonable factual and legal resolution,” stating that the objectors’ hopes for a more far-reaching decree “do not rise to the level of legal violations” warranting rejection.

A spokesperson for the California Department of Justice said the settlement “resolves our antitrust concerns, protects competition and consumer choice, and centers the needs, concerns, and futures of California workers.” A Paramount spokesperson did not immediately respond to a request for comment.

The companies also settled an antitrust lawsuit brought by the Writers Guild of America, agreeing to pay $17.5 million to the guild’s health fund and maintain WGA staffing levels at CBS News for five years.

Mattel’s Kreiz to Join as Co-CEO

Separately, Paramount announced that Mattel CEO Ynon Kreiz will join the company on October 5 and assume the co-CEO role upon the deal’s closing, serving alongside Chairman and CEO David Ellison to manage day-to-day operations and integration.

Kreiz, who has led Mattel since 2018, transformed the toymaker’s brands into successful film, television, and gaming franchises, most notably delivering “Barbie”—Warner Bros.’ highest-grossing film to date. His appointment provides Ellison, whose background is primarily creative, with a seasoned operator who guided Mattel through the pandemic and trade tariffs as the combined company targets more than $6 billion in merger synergies.

Prior to Mattel, Kreiz spent much of his career in television and digital media, co-founding Fox Kids Europe and leading Endemol, the producer of “Big Brother.” He later ran the YouTube network Maker Studios, which he sold to Disney in 2014.

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