Mattel Inc. (NASDAQ: MAT) shares were up handily on Friday after the firm announced that it would be launching a new theatrical film division. Essentially, this new division will focus on developing and producing motion pictures based on the Mattel’s iconic and globally recognized franchises.
Over the past few years, Lego has seen incredible success with the three movies that it had launched and it makes sense that other toymakers might want to get in on this business of self-promotion through cinema.
Academy Award-nominated producer Robbie Brenner has been appointed to lead Mattel Films as executive producer, reporting to Ynon Kreiz, Mattel’s board chair and chief executive.
Brenner has overseen the production of dozens of movies, including Academy Award-winning “The Fighter”; the Snow White Adaptation “Mirror Mirror,” starring Julia Roberts; the 3-D epic, “Immortals”; and the highly successful Nicholas Sparks book adaptions “Dear John” and “Safe Haven.”
Kreiz commented:
Mattel is home to one of the world’s greatest portfolios of beloved franchises, and the creation of Mattel Films will allow us to unlock significant value across our IP. Robbie is a gifted storyteller and a highly respected filmmaker with deep relationships in entertainment. She is the perfect leader to bring our celebrated brands to life.
Shares of Mattel were last seen trading at $15.38, with a consensus analyst price target of $15.35 and a 52-week range of $12.21 to $19.21.
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