Paramount gains court clearance and names Kreiz for combined-company leadership

A U.S. judge approved the settlement allowing the $110 billion Warner Bros. Discovery ($WBD) acquisition by Paramount ($PSKY) to proceed. Separately, Paramount confirmed that departing Mattel ($MAT) chief Ynon Kreiz will join it and become co-chief executive of the combined company when the transaction closes. David Ellison will remain chairman and chief executive, with Kreiz overseeing day-to-day operations and integration.

Mattel named Roger Lynch as Kreiz’s successor, with the transition expected by early November. Together, the developments remove a legal obstacle to the media combination and establish responsibilities for integrating the businesses, while creating a major leadership transition at the toy company. Court clearance is not completion of the acquisition, and Kreiz’s combined-company appointment remains tied to closing. The new court decision, rather than the previously announced settlement itself, is the fresh legal development.

Sources:

• Reuters — court clearance
• Paramount release via PR Newswire
• Reuters — Mattel succession