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Story summary
- Paramount-Warner Bros. Discovery appointed Mattel chief Ynon Kreiz as co-CEO.
- Co-CEO David Ellison will manage creative strategy while Kreiz handles day-to-day operations.
- The merger inherits about $80 billion debt and must achieve $6 billion cost cuts.
- Kreiz previously cut Endemol costs by 20% and saved $1.5 billion at Mattel.
- Paramount must spend at least $300 million more annually on domestic film production per antitrust settlement.