Paramount appoints Inon Kreiz as Co-CEO to advance post-acquisition integration

Paramount (PSKY.US) Chairman and CEO David Ellison has appointed former Mattel CEO Ynon Kreiz as the company's newly established Co-CEO, responsible for overseeing the integration work following its $110 billion acquisition of Warner Bros. Discovery. Ellison will continue to serve as Chairman of the merged company, and senior executives will report to both leaders. Ellison stated that Kreiz will bring the leadership experience and operational capabilities required for this integration. This appointment is part of Paramount's efforts to establish a new entertainment group, which will consolidate two major film studios, streaming platforms, television networks, and news businesses. On Wednesday, a federal judge in California approved the settlement plan for lawsuits filed by attorneys general of 12 states opposing the deal, clearing a major obstacle for the completion of the transaction. Paramount expects to finalize the acquisition by October 6. According to the terms of the settlement, the company has committed to releasing at least 30 new films each year and to establishing editorial independence committees for news organizations such as CBS and CNN.