Ynon Kreiz, as David Ellison’s right-hand man at the merged Paramount-Warner Bros. Discovery, is getting a big pay bump over his pay package as CEO of Mattel.

Kreiz, 61, signed an initial five-year employment contract with Paramount. He starts Oct. 5, one day before Paramount is set to close its $111 billion merger with Warner Bros.

Kreiz’s pay package in the first year at Paramount-WB (the official name has not been revealed) will total more than $46.5 million, the company disclosed in an SEC filing Thursday. That includes a one-time signing award of fully vested restricted stock units valued at $31.5 million.

By comparison, as CEO of Mattel, Kreiz in 2025 received a total compensation package of $15.1 million (including at $1.6 million salary).

At Paramount-WBD, Kreiz will receive an annual base salary of $5 million (as of the closing of the merger). He also is eligible for an annual bonus targeted at $4.9 million. In addition to the $31.5 million signing award of RSUs, he will receive 1.25 million shares of the company’s Class B Common Stock (the “pre-closing award”). Also, within 15 days following the WBD closing, Kreiz will be granted RSUs with an aggregate grant-date value of up to $5.1 million (pro-rated based on the portion of the first year of his employment remaining following the merger closing).

On the first anniversary of his employment, Kreiz will be granted an annual equity award of $20.1 million, according to the filing.

It’s worth noting that Kreiz’s stock awards (with the exception of the signing award) will vest in equal quarterly installments over a three-year period subject to his continued employment with the company through the applicable vesting date.