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Three years ago, Mattel Inc. struck box-office gold — or rather, pink — with the billion-dollar success of “Barbie.”

In its first return to theaters since the female-forward phenomenon, the El Segundo toymaker is turning to the brawny He-Man for another box-office lift.

Its latest film, “Masters of the Universe,” opens this weekend, as Mattel looks to build on that previous success and continue extending its signature toy brands into the entertainment arena.

“The movie is very much in tune with culture,” said Mattel Chief Executive Ynon Kreiz. “Everything is much more contemporary relative to what was created more than 40 years ago, but it’s still very true to the origin story and to the DNA of the brand.”

The new film arrives at a pivotal time for Mattel, which is facing pressure from investors to grow its business. The maker of Hot Wheels, American Girl and Uno has recently confronted a challenging market for toys, beset by tariffs on goods produced overseas and weaker-than-expected demand for Barbie dolls and Fisher-Price preschool products.

Amid uncertainty in the toy market and the fallout from tariffs, Mattel’s net income dropped 25% to $398 million in 2025. And since the company announced disappointing holiday sales totals in February, its stock has dropped more than 30%, closing at $14.34 on Wednesday.

“Masters of the Universe” toys at Mattel headquarters in El Segundo.

(Myung J. Chun / Los Angeles Times)

The share price slide prompted investor Southeastern Asset Management to send a letter last month to Mattel leadership suggesting the toy maker should sell itself and go private. Southeastern manages about 4% of the company’s stock on behalf of its clients.

“The frustration among investors has been the fact that if you look at the business from 2021 through 2025 and even this year … the business really hasn’t grown,” said Eric Handler, a Roth Capital senior media and entertainment analyst, referring to Mattel. “This is a company that needed something fresh in the portfolio, and there’s a wide range of investments being made, of which ‘Masters of the Universe’ is one part.”

Kreiz pushed back on the idea that the company is not growing. In the fourth quarter of 2025, net sales were up 7% to $1.8 billion, though the result was not as strong as the company expected.

Mattel has spent $1.2 billion in the last three years to buy back shares, with an additional $1.5-billion share repurchase planned for the next three years.

“We’re investing in our own stock because we believe it is undervalued,” he told The Times in an interview at his office, which has floor-to-ceiling windows that give an expansive view of El Segundo. “We absolutely agree that the share price doesn’t reflect the progress that we’ve achieved over the last few years financially, operationally, our place in culture, the strength of our brands, and the continued expansion of the business. And more importantly, the potential that we have down the road.”

“Masters of the Universe” is a key variable in that equation.

Ynon Kreiz, chief executive of Mattel.

(Myung J. Chun / Los Angeles Times)

The movie, which had a budget of roughly $170 million, is expected to bring in $25 million to $35 million in the U.S. and Canada during its debut weekend. That’s a far cry from the $162-million opening haul of “Barbie,” but box-office analysts say that film captured the cultural zeitgeist in a way that’s hard to replicate.

The ‘80s-era “Masters of the Universe” is “a property that was famous with a certain group of fans, but it hasn’t had much of a pop culture presence,” said Shawn Robbins, who directs movie analytics at Fandango and founded the forecasting site Box Office Theory. The movie has notched a respectable 74% approval rating from critics on aggregator Rotten Tomatoes.

“There’s been so many callbacks to nostalgic franchises,” he said. “Some people are always on board for them, and maybe the positive reviews bring people in who were on the fence. But people are also ready for something fresh and new and exciting.”

Kreiz said he’s often asked how the company will match the success of “Barbie.”

“The answer is, we don’t need to match ‘Barbie’s’ success for movies to have a meaningful economic impact on the company,” he said. “Not every movie will be ‘Barbie.’ If we create quality content that people want to watch and create quality experiences that people are engaged with, good things happen, and these brands will resonate and will be here for years to come.”

While theatrical revenue is important, the measure of success for “Masters of the Universe” could also include its eventual reception on streaming platforms and, of course, toy sales, analysts said.

There are hundreds of products tied to the movie, from collectible action figures of Nicholas Galitzine’s He-Man and Camila Mendes’ Teela, to branded Uno decks, Legos, clothing and skateboards.

Skeletor from “Masters of the Universe.”

(Myung J. Chun / Los Angeles Times)

“For us, it’s a huge win already,” said Robbie Brenner, president of Mattel Studios and chief content officer, who also served as a producer on the film. “We have reinvigorated and relaunched this brand that has been around for decades … and done it in a way with just the best-in-class toys. Obviously that’s our bread and butter. And then to have made an epic, incredible movie … is a huge win.”

While Mattel does not yet have sales totals for its “Masters of the Universe” toys, executives said during an earnings call in late April that product sales were “growing double digits” amid strong customer demand, particularly from adults.

When Kreiz was named CEO in 2018, he saw the potential for Mattel to expand beyond toys. In an entertainment landscape dominated by known franchises and intellectual property, the former TV and media executive wanted to leverage the company’s IP in new ways to attract consumers.

Hence, Mattel has expanded into real-world experiences such as a Barbie pop-up at Coachella or a traveling Hot Wheels monster truck show. In February, the company fully acquired Mattel163 mobile game studio after buying out a stake held by Chinese tech firm NetEase. The studio has released games based on Uno, Skip-Bo and other Mattel intellectual property.

And on the film and television front, the Mattel Studios division now has 51 people — most of whom are based in El Segundo — focused on projects across platforms.

After “Masters of the Universe,” Mattel Studios plans to release a “Matchbox” streaming movie in October. The division has more than a dozen films in development that have been announced, including an American Girl movie with Paramount, Polly Pocket with Amazon MGM Studios, as well as a live-action Magic 8 Ball series from M. Night Shyamalan.

“The journey for the company was to evolve from being a toy manufacturer that was making items to become an IP company that is managing franchises,” Kreiz said. “It’s not that we’re not creating toys — it’s obviously a big part of our business — but the opportunity is to expand so much more than the physical product.”

“Masters of the Universe” was in development for years at several different studios before it was picked up by Amazon MGM.

That partnership stemmed from Mattel’s work on the “Barbie” movie with Courtenay Valenti, then president of production and development at Warner Bros. Pictures who is now head of film at Amazon MGM.

“Masters of the Universe” felt like a good property for Mattel to bet on because of its nostalgia factor and deep bench of colorful characters, from the green tiger Battle Cat to the heavily armored Ram Man and ever meme-able Skeletor, which the company hopes will attract new audiences, Brenner said.

The movie is directed by Travis Knight — chief executive of stop-motion studio Laika who also led the 2018 “Transformers” spin-off “Bumblebee” — who Brenner said “nailed” the narrative’s tone. (It didn’t hurt that Knight was already a fan of the franchise and had sported the He-Man haircut as a child.)

“It’s a property that’s kind of out there,” said Brenner, who grew up watching He-Man and his twin sister She-Ra. “It’s got all these crazy characters. But just riding that line between what is funny and kind of irreverent and then kind of heartfelt, that is a very hard thing to put in a blender and to get right.”

Italian Andrea Pavan said he is “optimistic” about a return to playing after he fell down an open lift shaft in February.

The incident occurred before the South African Open at Pavan’s private accommodation near Stellenbosch Golf Club when the lift doors opened but there was no lift car in the shaft, causing him to drop three storeys down.

The 36-year-old was taken to a local hospital with severe shoulder damage and fractures to several vertebrae in his back, and had major surgery.

“It’s hard to say a precise goal, there’s more like steps,” said Pavan.

“Around three months we’ll see how well the bone has healed. Around six months it’s about where complete bone healing happens and we’ll see how the joint is moving by then.

“It depends on if there are other tissues that were damaged if I need a second surgery. And there’s the possibility of necrosis when the blood flow is not sufficient for the bones. There is that risk, but so far it seems like things are positive enough.

“The shoulder is a very demanding joint. Hopefully it’s a little less than a year that I can play with a full swing but it’s just so new and such a big injury there are just a lot of unknowns. But I’m hopeful and the only thing I can do is to try and improve and take it day by day.”

On the day of the incident, Pavan had been preparing to drive to the Stellenbosch course for breakfast and an afternoon pro-am tee, when he returned to his apartment to retrieve a locker key that had been left there.

Speaking to the Naga Munchetty programme on BBC Radio 5 Live, he said: “I walked back towards the elevator, I opened the door – one of those doors that get into the apartment straight away – and by the time I realised the lift wasn’t there I’d already taken a step.

“The next thing I know I’m just at the bottom of the elevator, luckily not unconscious but in a lot of pain and screaming for help.

“Somebody heard and I was somehow able to get my phone out and call my caddie, who was in the car. From then on it was just trying to survive the pain and waiting for the ambulance and all the firefighters who got me out.”

The two-time DP World Tour winner spent seven days in hospital in South Africa, having surgery on a complete fracture of his shoulder, and has now returned to his home in Texas.

Pavan paid tribute to the “amazing” support from the golfing world during his time in hospital.

“The amount of people who came to the hospital to visit me when the tournament was happening was truly overwhelming,” he said.

“There were a lot of players – friends of mine – who actually stayed up to 2am and waited for me to get out of surgery and they were playing in the tournament the next day, Matteo Manassero, Manuel Oliveira and others.

“I was just truly surprised and it was comforting and overwhelming to feel you were not alone going through this.”

Sophia Wilson scored in stoppage time for her first goal of the season and the Portland Thorns defeated Angel City 2-1 on Sunday.

After a scoreless first half at BMO Stadium, Pietra Tordin’s header opened up the scoring for the Thorns (4-1-1) in the 76th minute. In her professional soccer debut, rookie defender Carolyn Calzada provided the assist.

Wilson doubled the lead in stoppage time with a left-footed blast into the side netting. It was her first goal of the season after taking all of last year off for the birth of her daughter. Her last goal for the Thorns came on Nov. 1, 2024.

Second-half substitute, forward Prisca Chilufya trimmed the lead in half in the final minute of stoppage time for Angel City.

Japan International Jun Endo made her return from injury as a substitute in the 62nd minute for Angel City (3-2-0).