Paramount names Ynon Kreiz as co-CEO with $46.5M first-year pay package

Key points

• Kreiz signed a five-year employment contract with Paramount, with his first day being October 5, 2026.
• His first-year pay package totals more than $46.5 million, including a $31.5 million signing bonus in restricted stock units.
• The merger between Paramount and Warner Bros. Discovery is set to close on October 6, 2026.
• Kreiz will receive an annual base salary of $5 million and a targeted bonus of $4.9 million after the merger closes.
• He will also receive 1.25 million shares of Class B Common Stock and annual equity awards of $20.1 million starting in 2027.

Background

Kreiz is leaving his role as CEO of Mattel, where he served for eight years, to join the media giant. David Ellison will retain the CEO role to focus on strategy, while Kreiz oversees daily operations. The merger faced legal challenges from state attorneys general and the Writers Guild of America before receiving final approval.

How outlets are covering it

Variety and Deadline both report on the $46.5 million first-year package, with Variety emphasizing the signing bonus and Deadline noting the increase from his previous Mattel compensation. Yahoo Finance frames the move as a 'poach' from Mattel, highlighting the shift in leadership. All sources agree on the core financial terms and the merger timeline.

Why it matters

The appointment of Kreiz and his substantial pay package signal the new leadership structure of the merged entity, which will be one of the largest media companies in the world. The merger's closure marks a significant consolidation in the entertainment industry.

What to watch

The merger is set to close on October 6, 2026. Kreiz will begin his role on October 5, 2026, and will receive additional stock awards within 15 days of the merger closing.