Paramount Skydance CEO David Ellison announced on Wednesday that Ian Kreitz, who resigned as the CEO of Mattel, will serve as the joint CEO in the proposed merger between Paramount and Warner Bros. Exploration.

According to the press release, the two will lead the company as "a team," with Kreitz responsible for the operational affairs of this media company.

Paramount stated in a press release: “Ellison will focus on the company’s long-term strategy, creative vision, and direction, including talent relations, strategic partnerships, technology, and capital allocation. Kreitz will focus on the company’s day-to-day management as well as the integration of the businesses after the merger.”

It has been less than two weeks since Paramount reached a settlement with a group of state attorneys general in their attempt to block this $110 billion merger deal. On Wednesday, a federal judge signed an order allowing the merger to proceed.

In a press release, Ellison stated, "Combining Paramount and Warner Bros. to create a next-generation global media company is a transformative moment for our industry. Leading such a company requires rare strategic vision, operational expertise, and experience in managing a public company at the highest levels of the media industry. Ionan possesses all three of these capabilities."

Earlier on Wednesday, Mattel announced that Creutz would be leaving after serving as CEO for eight years. During his tenure, Creutz led the company through a major transformation and oversaw the release of "Barbie," which became the highest-grossing film in the U.S. in 2023.

This report is still being updated. Please check for the latest developments later.