Paramount Skydance Chief Executive Officer David Ellison stated that former Mattel CEO Ynon Kreiz will take on the role of co-CEO of the combined company following the completion of the $110 billion acquisition of Warner Bros. Discovery.

According to a statement released by Paramount Skydance on Wednesday, Ellison will continue to serve as chairman of the company, and executives will report to both leaders simultaneously.

Ellison remarked, "Ynon will be my partner; he possesses strong leadership capabilities and the operational execution skills required for this integration." Ellison is assembling a new management team, bringing together core talent from Warner Bros. alongside seasoned executives like Kreiz to oversee the complex integration involving two major film studios, streaming platforms, television networks, and news organizations.

Cindy Holland, head of Paramount Skydance's streaming business, departed on Tuesday. Bloomberg previously reported that Warner Bros. streaming chief Casey Bloys is expected to oversee the streaming operations of both Paramount+ and HBO Max once the merger is finalized.

A federal judge in California on Wednesday approved a settlement agreement between Paramount and the attorneys general of 12 states, clearing the way to complete the transaction. These states had previously filed lawsuits opposing the merger. Paramount stated in its announcement that it plans to close the deal on October 6. The settlement terms include a commitment from Paramount to release at least 30 films in theaters annually and to establish an independent editorial board for its CBS and CNN news divisions.