Mattel shares rose more than 4 percent in early trading on Tuesday after the toymaker and Warner Bros. Pictures announced the production of a “Barbie” movie starring actress Margot Robbie.
"Barbie is one of the most iconic franchises in the world and we are excited to partner with Warner Bros. Pictures and Margot Robbie to bring her to life on the big screen,” Mattel Chairman and CEO Ynon Kreiz said in a statement. “We look forward to building on this collaboration with Warner Bros. Pictures as we tell the stories of our beloved brands. Mattel Films is on a path to demonstrate the enormous potential of our brand portfolio, as we continue to execute on our strategy of transforming Mattel into an IP-driven, high performing toy company."
Robbie will also serve as a co-producer on the film, which marks the first-ever live-action adaptation of the iconic toy franchise. The 28-year-old actress earned an Oscar nomination for her turn as figure skater Tonya Harding in the 2017 film “I, Tanya.”
The two companies have yet to set a release date for the Barbie movie. Details on the plot were not yet available.
"Playing with Barbie promotes confidence, curiosity and communication throughout a child's journey to self-discovery,” Robbie said in a statement. “Over the brand's almost 60 years, Barbie has empowered kids to imagine themselves in aspirational roles from a princess to president. I'm so honored to take on this role and produce a film that I believe will have a tremendously positive impact on children and audiences worldwide. I can't imagine better partners than Warner Bros and Mattel to bring this film to the big screen."
Mattel shares have been under pressure since the collapse of Toys R Us, a key retail partner. The company’s stock is down nearly 30 percent over the last 12 months.