Mattel CEO Sees Barbie Movie as Legacy-Making Event for the Company

Mattel ($MAT@US) CEO Ynon Kreiz says the much-anticipated live-action "Barbie" movie, set for release on July 21, could be a legacy-making event for the company. This is the first movie based on the Mattel franchise, and Kreiz confirmed that the toy company has 14 content projects in development, including a Warner Bros. movie based on the toy car brand Matchbox. Despite a 22 percent fall in first-quarter sales, Kreiz is confident that Mattel's performance in the second half of the year will be positive, driven by the Barbie movie and other catalysts. The Barbie brand generated $1.5 billion in gross sales in 2022.