Skydance names Ynon Kreiz co-CEO amid planned cost cuts
Media analyst Evan Shapiro values the merged Skydance at only $29 billion because of its heavy debt. The company's new co-CEO faces $6 billion in cost cutting.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
This story is no longer being updated. It reflects reporting up to .
What happened
Skydance, now a merged company, has a new co-CEO, Ynon Kreiz, the former Mattel boss credited with backing Barbie. Media analyst Evan Shapiro says the new-look Skydance is worth just $29 billion because of its huge debt pile. The merged company's TV operations are more than 50 percent larger than Warner Bros. TV's slate, which may force tough choices about what to combine and bet on.
Why it matters
Kreiz has been given a mandate to make investors feel better, with $6 billion in cost cutting on the horizon. Choices on which shows to combine and which to back may be difficult.
Timeline
- Oct 12, 2:03 PM ET: Ynon Kreiz is described as the new Skydance co-CEO, facing $6 billion in cost cutting and a mandate to make investors feel better.
- Oct 12, 5:20 AM ET: Media analyst Evan Shapiro says the new-look Skydance is worth just $29 billion due to its huge debt pile.
- Oct 13, 3:55 PM ET: Skydance's merged TV operations are reported to be more than 50 percent larger than Warner Bros. TV's slate, with tough choices possibly ahead.
Coverage
- How Big Is Skydance's New TV Empire? Really Big (hollywoodreporter.com)
- Ynon Kreiz, Who Is the Skydance Co-CEO? (hollywoodreporter.com)
- Evan Shapiro Pegs Skydance Value At Only $29B As His Media Map Updates (deadline.com)
More from Media
- BBC to close two TV channels next year amid cost cuts
- News outlets automate production faster than testing new revenue models
- Christiane Amanpour to leave CNN after 43 years
- Leftwing outlet The Canary shuts down indefinitely
- Elizabeth Holmes documentary opens to $15 million weekend
- Katie Zacharia out as White House press secretary after five days