David Ellison's appointment of Kreiz brings cost-cutter to Paramount-Warner Bros Discovery

Kreiz will oversee operational efforts and day-to-day management alongside Ellison, who will lead creative development and overall strategy. At Mattel, Kreiz delivered more than $1.5 billion in savings through job cuts and a simpler manufacturing strategy, but the company's stock slipped 2% during his tenure, compared with a near 200% gain for the S&P 500.

Paramount-Warner faces constraints on cost-cutting from commitments in Paramount's antitrust settlement, including at least $300 million more in annual domestic film production spending, continued operation of both legacy studios' production lots and existing Hollywood union agreements. Ellison said Kreiz brings “strong leadership and the operating firepower this integration demands.”

Kreiz led Mattel's push to license its intellectual property to studios, which led to the 2023 release of “Barbie.” The article notes mixed results from other projects and says analysts expect the combined company to focus on monetizing its franchises across platforms and business areas.