Mattel Shares Pop After Announcing Margot Robbie Will be Live-Action Barbie

Struggling toy maker Mattel saw its shares pop after announcing that it has partnered up with Warner Brothers for a live-action Barbie movie.

Shares of Mattel were soaring 5% on the news on Tuesday before retracing.

The live-action movie will be produced by LuckyChap Entertainment and cast as Barbie is Academy Award-nominated actress Margot Robbie. Robbie will also co-produce.

This is the first movie deal that Mattel Films, which launched last September, has announced.

“This project is a great start to our partnership with Ynon and Mattel Films. Margot is the ideal producer and actress to bring Barbie to life on screen in a fresh and relevant way for today’s audiences,” Toby Emmerich, chairman of Warner Bros. Pictures Group, stated.

Robbie is known for her role as Harley Quinn in “Suicide Squad” and Tonya Harding in “I, Tonya.”

Shares of Mattel have fallen nearly 30% in the last twelve months. The company has suspended its dividend, announced job cuts, and plans to slash $650 million in costs.

The company is expected to report its fourth-quarter earnings on February 1st.

“Mattel is the owner of one of the strongest catalogs of children and family entertainment in the world, think Barbie, Hotwheels, American Girl, Fisher Price, Masters of the Universe, Thomas the Tank Engine … Ageless, timeless, generational, iconic brands,” defended CEO Ynon Kreiz on CNBC’s “Squawk on the Street ” this past October.

Kreiz commented, “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. 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.”

Margot Robbie remarked, “Playing with Barbie promotes confidence, curiosity and communication throughout a child’s journey to self-discovery. 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.”

Disclaimer: We have no position in Mattel, Inc. (NASDAQ: MAT) and have not been compensated for this article.