Barney franchise is back: Mattel says it's doing a 'comprehensive revitalization'
The relaunch will involve entertainment content and retail products
Retail sales expected to ‘get worse’ in 2023: Stacey Widlitz
Stacey Widlitz, the founder of SW Retail Advisors, reacts to November’s retail sales coming in worse than expected at a 0.6% decline on ‘Mornings with Maria.’
Mattel revealed Monday that Barney will be coming back.
The popular purple dinosaur’s franchise will see a "comprehensive revitalization," the toy-making company announced in a news release. Barney, it said, will make a return in the entertainment and retail spaces.
Barney’s relaunch in entertainment content will involve television, film, YouTube and music, according to Mattel.
The Mattel logo hangs atop company headquarters in El Segundo, California, on Aug. 14, 2007. (Armando Arorizo/Bloomberg via Getty Images / Getty Images)
Children will get to see Barney in an animated series featuring "music-filled adventures centered on love, community, and encouragement" in 2024, the company said. Mattel Television and children’s content producer and distributor Nelvana are collaborating on that series.
CLICK HERE TO READ MORE ON FOX BUSINESS
Mattel also announced a "full range" of Barney-related toys, books, clothing and other products for children. For adults, apparel and accessories are in the works, according to the toymaker.
"We will tap into the nostalgia of the generations who grew up with Barney, now parents themselves, and introduce the iconic purple dinosaur to a new generation of kids and families around the world across content, products, and experiences," Josh Silverman, Mattel’s chief franchise officer and global head of consumer products, said in the news release.
HOLIDAY RETAIL SALES MISS EXPECTATIONS, NRF SAYS
The move is part of Mattels’ recent efforts to "mine the incredible depth and breadth of its IP portfolio to relaunch heritage franchises," the company said in the release.
Other franchises it has previously rebooted include "Monster High" and "Masters of the Universe."
In the company’s most recent earnings release, CEO Ynon Kreiz said Mattel was "well-positioned to continue executing our multi-year strategy to grow our IP-driven toy business and expand our entertainment offering."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MAT | MATTEL INC. | 18.47 | -0.71 | -3.70% |
Mattel said Feb. 8 it generated $1.4 billion in net sales for the fourth quarter, a 22% drop from the $1.79 billion reported in the same period the prior year. For quarterly net income, it posted a 93% drop, coming in at $16.1 million.
GET FOX BUSINESS ON THE GO BY CLICKING HERE