The news: Mattel hired Condé Nast CEO Roger Lynch to replace Chairman and CEO Ynon Kreiz, who will depart Mattel on October 2 to take a role as co-CEO at the combined Paramount-Warner Bros. Discovery.

Why it matters: Kreiz spent years transforming Mattel from a traditional toy manufacturer into an IP-driven entertainment business, extending its brands across film, television, consumer products, digital games, live experiences, and publishing.

That strategy has produced some major wins. Mattel Studios’ first theatrical release, “Barbie,” became the highest-grossing movie globally in 2023 and Warner Bros. Pictures’ highest-grossing film ever. But subsequent releases like “Masters of the Universe” have had mixed results, underscoring the difficulty of consistently turning toy brands into entertainment hits. Mattel has also pushed deeper into digital gaming, including taking full ownership of Mattel163 to strengthen its mobile game development, publishing, and customer acquisition capabilities.

Lynch’s background suggests Mattel plans to stay the course. He has led Pandora, Sling, Video Networks International, and Chello Broadband and has served on Mattel’s board since 2018, giving him deep media experience and firsthand knowledge of the strategy he’s inheriting.