The Paramount-Warner Bros. Discovery merger is entering its final days, but the biggest changes are already taking place behind the scenes. With the transaction expected to close on October 6, the leadership structure of the combined company is beginning to emerge, bringing major changes to Warner Bros.’ film operation, Paramount’s streaming business and some of the projects at the centre of Hollywood’s franchise economy.
The combined company will be called Skydance, David Ellison announced in a memo to employees, adopting the name of the production company he founded 20 years ago. The decision does not mean Paramount Pictures or Warner Bros. will disappear as studio brands. Ellison said the intention was to give the combined company an identity of its own while preserving the identities and legacies of Paramount, Warner Bros. and the other brands within the portfolio.
The corporate transition is expected to become official on October 6, when Paramount Skydance Corporation and Warner Bros. Discovery are scheduled to complete their merger, subject to customary closing conditions. The transaction brings together two of Hollywood’s major film studios along with HBO Max, Paramount+, CBS, CNN and a broad collection of entertainment properties.
One of the most significant immediate changes concerns Warner Bros. Motion Picture Group. Pamela Abdy and Michael De Luca, who have jointly led the studio’s film operation, are leaving as part of the post-merger restructuring, according to Variety. Their departure comes after a period that included major successes as well as several costly underperformers, with Warner Bros.’ 2026 theatrical performance becoming part of the wider industry discussion surrounding the studio.
The change also establishes a new centre of authority for the combined film business. Paramount Pictures leaders Dana Goldberg and Josh Greenstein are expected to take on a broader creative role overseeing film labels across both companies. Variety reports that their responsibilities could include oversight of individual studio operations such as New Line Cinema, where Richard Brener remains a key executive.
The restructuring means the merger is not simply bringing two corporate organisations under one ownership structure. It is also changing who controls the development and release of films across the combined studio system. Paramount’s existing film leadership is moving into a position that could give it oversight of Warner Bros.’ theatrical operations as well, while individual labels continue to retain their own identities.
Above that film structure will be David Ellison and Ynon Kreiz. Ellison will remain chairman and CEO of the combined company, while Kreiz, who is stepping down as Mattel’s chairman and CEO, will become co-CEO. Paramount has formally said that Ellison will focus on long-term strategy, creative vision and direction, talent relationships, strategic partnerships, technology and capital allocation, while Kreiz will oversee day-to-day management and integration of the combined businesses. Kreiz is scheduled to begin at Paramount on October 5, one day before the anticipated closing.
Kreiz’s appointment is particularly notable because of his experience with entertainment franchises. He has led Mattel since 2018 and oversaw the company’s transformation into a broader entertainment business, including the development of Barbie, which became Warner Bros. Pictures’ highest-grossing film. That background gives his arrival at the new Skydance particular relevance as the combined company takes control of one of Hollywood’s largest collections of intellectual property.
One of the earliest examples of how that franchise strategy could play out is Barbie 2. The sequel had been facing stalled negotiations involving Margot Robbie, Ryan Gosling, Greta Gerwig and Noah Baumbach, with compensation and deal terms becoming major obstacles. Variety reported in August that the project was in danger of being shelved, while the studio also faced a deadline involving its rights arrangement with Mattel.
Now, according to the latest Variety reporting, discussions around Barbie 2 are gaining momentum again. Goldberg and Greenstein have reportedly been reaching out to Warner Bros. talent, including Robbie and her LuckyChap partners, as the new leadership begins establishing continuity across the studio. A source cited by Variety said there is strong expectation that a sequel will move forward. However, the film has not been formally announced as greenlit, and negotiations with the creative team remain an important part of the process.
The significance extends beyond Barbie. The new Skydance will bring together major franchises including DC, Harry Potter, The Lord of the Rings, Game of Thrones, Mission: Impossible, Top Gun, Yellowstone and Nickelodeon properties, alongside the Paramount and Warner Bros. film libraries. The combined company will therefore have to manage not only a larger collection of studios and labels, but also an unusually broad portfolio of established intellectual property.
The streaming side of the business is also undergoing a leadership transition. Cindy Holland has stepped down from her role overseeing Paramount+ and other direct-to-consumer businesses. Her departure comes just days before the merger closes and leaves Casey Bloys, chairman and CEO of HBO and HBO Max content, poised to oversee the combined streaming operation, according to Variety. The final structure of Paramount+ and HBO Max has not been fully detailed, making streaming one of the major areas still to be resolved.
The new company will also inherit specific theatrical obligations resulting from the legal settlement that cleared the way for the merger. Under the agreement with a coalition of U.S. states, the combined company has committed to releasing at least 30 films a year, including 20 wide releases, during the first two years, rising to at least 32 films annually, including 21 wide releases, in years three through five. It has also committed to an additional $1.5 billion in U.S. film production spending over five years.
Those requirements will add another layer to the responsibilities of the executives now taking control of the combined film operation. The merger brings together two major theatrical pipelines at a time when the industry is already dealing with changing audience habits, the expansion of streaming and the rising cost of major productions.
For Ellison, the decision to call the company Skydance represents an attempt to create a single corporate identity without eliminating the Paramount and Warner Bros. brands that audiences already know. For Kreiz, the immediate challenge will be integrating the businesses and managing their day-to-day operations. For Goldberg and Greenstein, the expanded film responsibilities could make them central figures in determining which projects move forward across the combined studio system.
The October 6 closing will therefore mark more than the legal completion of one of Hollywood’s biggest media transactions. It will be the point at which the emerging leadership structure begins operating as a single company, with the fate of major franchises, theatrical output, streaming strategy and long-standing studio brands becoming part of the new Skydance era.
