master

The Department of War is challenging the U.S. defense industrial base to transform the way it builds and supplies weapons for the military – stimulating manufacturers to find new ways to enable faster and more efficient procurement. It’s a necessary move, particularly when it comes to weapons stockpiles, as some have been placed on red alert due to high consumption in crisis abroad. Efforts to create a so-called “Arsenal of Freedom” involve shoring-up critical supply chains, injecting predictable long-lead funding, lowering costs, and increasing competition.

Lockheed Martin’s Missiles and Fire Control (MFC) division is reacting by investing in production capacity to accelerate some of its most important munitions facilities – a reflection of how many of its missiles are in high demand. Speaking at a groundbreaking event at the company’s Troy, Alabama, site in May 2026, at which TWZ was present, Lockheed Martin chairman, president and CEO Jim Taiclet addressed employees about a “first landmark framework agreement” that will dramatically accelerate production of PAC-3 MSE (Missile Segment Enhancement) air defense interceptors, which are designed to destroy adversary tactical ballistic missiles, cruise missiles, drones and aircraft.

Taiclet said the “agreement represented a new model for how government and industry could work together with greater speed, accountability and shared commitment to the mission’s execution.” In addition to PAC-3 MSE, Lockheed Martin is also boosting production of its Terminal High-Altitude Area Defense (THAAD) and Precision Strike Missile (PrSM) lines to meet the urgent demand for more missiles. 

Both PAC-3 and THAAD have been integrated together in Joint All-Domain Operations, including with the U.S. Army’s Integrated Air and Missile Defense Battle Command System (IBCS) and during exercises with the F-35 stealth fighter.

The company says it’s planning an $8-9-billion investment through 2030 to expand this munitions footprint across the U.S.. Lockheed Martin has invested more than $7 billion since President Donald Trump’s first term to expand capacity for priority systems, including approximately $2 billion dedicated to accelerating munitions

production. Investment is being channeled into MFC facilities, tooling, suppliers, as well as its workforce. “This effort reflects the power of a commercially-inspired partnership between government and industry,” Taiclet said, endorsing this approach as an obvious method to expand capacity for priority systems.

Paving the way for acceleration

The Department of War’s Acquisition Transformation Strategy is designed to create long-term stability that gives industry the confidence to make necessary investments to change the way it produces equipment. Lockheed Martin was the first in the defense industry to announce a framework agreement like this for munitions acceleration under the new government initiative – initially committing to the tripling of production capacity of the PAC-3 MSE interceptor and then quadrupling the production capacity of THAAD interceptors.

The U.S. government awarded Lockheed Martin a $4.7-billion undefinitized contract action (UCA) in April 2026 for the accelerated production of PAC-3 Missile Segment Enhancement (MSE), which built on a framework agreement signed in January 2026 to ramp up production of the missiles. Production of the PrSM short-range ballistic missile will also quadruple. PrSM, which succeeds the Army Tactical Missile System (ATACMS), received Milestone C approval from the U.S. Army in July 2025, which led to a $4.94 billion contract award. PrSM then made its operational debut earlier this year in operations against Iran. 

“We’re rapidly ramping up a number of munitions. It’ll probably [expand to] include all the munitions that we build here at Lockheed Martin Missiles and Fire Control,” explained Tim Cahill, president of the company division. “We are working in partnership with the Department of War to identify go-quick contract actions that we can put in place, the suppliers we need and what investment is needed, and then determine what we call the enablers to make that happen.”

“It’s not just a case of let’s just go faster, it’s about what we fundamentally have to change across the entire business and in the technical process to go quickly to replenish stocks at a higher level than we ever have before,” Cahill added. “Ultimately, I would expect that we’re going to see all the munitions that we build in some sort of heads of agreement, some sort of a contract to increase the level of production.”

Lockheed Martin’s Master Plan For Accelerating Munitions Production

In addition to PAC-3 MSE, THAAD, and PrSM, the AGM-158 Joint Air-to-Surface Standoff Missile (JASSM) and AGM-158C Long-Range Anti-Ship Missile (LRASM) programs are also ramping up, and Cahill added that the AGM-179 Joint Air-to-Ground Missile JAGM and Javelin shoulder-launched anti-armor weapon are expected to follow suit. “We have been ramping some of these munitions for several years already. Javelin production has increased, as has GMLRS [Guided Multiple Launch Rocket System] and GMLRS Extended-Range, but I would expect they’re going to ramp up beyond those numbers in the next few years.”

The manufacturing process for these advanced weapons is a complex business. It has typically taken as long as three years from contract signature to the delivery of a PAC-3 MSE. Lockheed Martin aims to dramatically cut timelines like this. “Lockheed Martin is not waiting – we have been taking proactive steps to ramp up production and secure materials well in advance,” explained Jason Reynolds, vice president and general manager for integrated air and missile defense. “It takes time for each of those suppliers to actually create those individual subcomponents and ship them to places like our plants in Troy, Alabama, or Camden, Arkansas. Then we do the final assembly. Once we’ve completed that, we have to go through testing and qualification, packaging and signing off, then delivering them to the U.S. government or to our partners and allies that have placed that order. It’s a time consuming process, but we’re doing everything possible to shorten that in the near term.”

One of the critical keys to the change lies in contracting. Cahill says companies have become used to annual contracts, with incremental follow-on options. He says this drove industry to commit to a year’s worth of production at a time, with no real certainty over what the ensuing years would bring. The new government approach presents a commitment of between five and seven years, which provides far greater confidence and predictability for manufacturers to invest in long-lead items to help prevent bottlenecks in the complex production cycle, and ultimately streamlines and expedites the production process.

The long-term approach to procurement has an additional benefit of being able to secure lower prices for components and materials, enabling the prime contractor to invest in a supplier’s capacity with greater confidence. Keeping a production line moving and not having to pause to wait for components to arrive is a significant factor. Securing larger quantities of parts with plenty of lead time enables cost savings and production acceleration.

“For all of us, there’s also economic value there,” explains Cahill. “There is real money in being able to drive efficiencies, knowing what the next seven years will be like. We can take those efficiencies and effectively apply them into self-investment up front, so the U.S. government gets better value in the price of the munitions. They’re ordering more and business gets the opportunity for increased revenue and increased capability.”

“We have thousands of suppliers, particularly underneath our key suppliers all across this nation and in many cases across the world. It’s about what they need all the way down to raw materials. For example, one thing that’s held us up over the years is titanium. Titanium goes into a lot of things, including golf club shafts! So you’re out there competing on the commercial market for materials. Being able to get ahead of that curve and aggregate demand, first of all, increases our priority and allows us to deal with the lead times and plan for that so those don’t become bottlenecks. What we are doing with our suppliers is in effect addressing all those elements.”

It’s not just the contracting that is being overhauled, changing the way these complex systems are actually built is equally important. Lockheed Martin is now increasing both its workforce and the use of robotics, plus it’s bringing in additive manufacturing techniques such as 3D printing to reduce reliance on costly and time-consuming traditional tooling.

“Building missiles faster is a key priority for us, and we can do that a couple of different ways,” added Jason Reynolds. “You can shorten the span time and the lead times of all the different components, and you can actually increase the factory floor [footprint] to increase throughput. We’re doing all of that. We’re working with suppliers to reduce the individual span times, whether it be a rocket motor, a seeker, or a section that we make internally like the guidance section, so that we can build these things faster using automation and advanced manufacturing technologies at the same time. We’re increasing the actual capacity. We’re making additional tooling and test equipment, hiring additional people both here at Lockheed Martin and at our suppliers around the world.”

License production is another means to share the load and unlock expanded production capacity. Lockheed Martin has already licensed PAC-3 MSE production to Japan, which operates a final assembly and checkout facility. “That’s something we’re going to be looking at, because if we can expand our supply base in Europe, for example, where we have potential co-production in Europe, there are some great possibilities there,” says Tim Cahill. “We’re looking at all the elements, everything that might be a methodology to bring those numbers up and make sure that our nation and our allies have the capacity they need. Licensed production could very well be part of that.”

Rapid prototyping and speed to field

New start-up companies and industry “disruptors” are playing a fundamental role in changing the government’s expectations when it comes to driving down costs and rapidly developing and then producing new capabilities. Tim Cahill pulls no punches when acknowledging this and emphasizing how Lockheed Martin is similarly evolving its approach. 

MFC has set-up a Rapid Fielding Center at its Grand Prairie facility in Dallas, Texas, designed to promote the use of latest in production and prototyping technologies. “We are looking at how we can apply some of the emerging technologies to do things quickly, like using Artificial Intelligence and Machine Learning to make our production more adaptive and able to build in mass quantities that we couldn’t build before. We are competing in that space.”

The use of commercial off the shelf products is a recognized means to accelerate, but Cahill cautions that it’s not always a suitable solution. “You’re looking for the most capable parts to meet the requirements and get you there fast. That’s always been part of the dynamic for Lockheed Martin. We always look at commercial parts. Some systems are more conducive to it than others. If you’re building a low-cost drone or a counter-drone system, you’re looking for something that’s treatable – it’s great for those kinds of systems. But as these become more complex – when they have to operate in environments that range from the Arctic to the high desert in the Middle East in the middle of summer – or if they have to go through extreme launch environments or whether they have to survive in the presence of our adversaries trying to counter them. As the requirements get harder and harder, commercial off-the-shelf parts just don’t meet those requirements. They fail because they’re not designed for that.”

“You can’t take an automotive guidance system and run it at Mach 5, run it through the atmosphere at high temperature and have somebody try and disrupt it. In most cases we have to make them more robust and capable, or build parts that are unique to those particular products. We always start with the questions of how we accomplish the mission? How do we give our warfighters what they need to prevail, and we will use commercial off-the-shelf if that fits what is necessary for that mission – sometimes it does and sometimes it doesn’t. Any technology that you can imagine, we are looking for, how might we apply that just like all the new entrants and frankly all the traditional companies are doing much the same. We get the sense of urgency and that’s what we intend to do.”

Lockheed Martin is also involved in deep research around low cost weapons. “There’s a lot of people competing in that space,” Cahill acknowledges. “Sometimes for us when we’re applying our investment, our expertise, it’s more effective to focus on some of the other capability areas. For example, we have introduced a counter-UAS [unmanned aircraft system] called MORFIUS™ X-Rotor, a newly-released airborne high power microwave system that can neutralize more than 50 enemy drones in a single flight.”

MORFIUS is designed for field recovery and reuse and Lockheed Martin says it offers a very low cost-per-kill ratio.

Lockheed Martin is also ready to move ahead with a lower-cost Patriot missile interceptor. “Our PAC-3 Adapted Capability Effector, or PAC-3 ACE, answers the call,” Cahill told TWZ, adding that it will probably be less than half as expensive as the current PAC-3 MSE, but that it would still retain a lot of the capability. “They’re never going to have that full capability because you’ve got to fundamentally remove parts, some of the things that are most expensive.” 

Cahill says that PAC-3 ACE is built on the PAC-3 fire-control system and will be fully linked to the Patriot weapon system and the Integrated Battle Command System. “There isn’t magic here and when you take some of those things off, they become less capable, but that’s absolutely part of the dynamic. This rapidly fielded, complementary PAC-3, will be deployed quickly and enhance the resilience of the U.S. defense industrial base worldwide.”

Keir Starmer is out after a short tenure as prime minister during which he failed to connect with voters and much of Britain’s media. As Andy Burnham prepares to become the UK’s seventh prime minister in a decade, can he navigate a media landscape transformed by Brexit and the rise of Reform UK?

Contributors: 
Chris Painter – Professor, Birmingham City University
Peter Oborne – Journalist and broadcaster
Shehab Khan – Political editor, Zeteo UK
Polly Toynbee – Columnist, The Guardian

On our radar

A controversial luxury resort backed by Donald Trump’s family has sparked weeks of protests in Albania. With much of the country’s media looking the other way, Ryan Kohls examines how demonstrators are using independent journalism and social media to shape their own narrative.

Argentina’s Far-Right Rewrite of the Past

As right-wing populists take power across Latin America, they have waged a ‘cultural battle’ to reclaim the past. In Argentina, President Javier Milei – and a legion of supportive influencers and YouTubers – are revising how the country’s history of military dictatorship is remembered and debated.

Featuring:
Agustín Laje – President, Fundación Faro; YouTuber
Sol Montero – Professor, National University of San Martín

Reporter: Tariq Nafi
Producer: Ella Willis

Unlike the movies, where directors get the glory, TV directors sit lower in the hierarchy, below creators, producers and actors. In most series, which might employ several over a season, they are interchangeable — which isn’t to say they aren’t valuable, transforming words on a page into a four-dimensional living thing. But a director hired to helm a pilot, as James Burrows, who died Friday at 85, was again and again — almost as a lucky charm — helps set the tone for the series. Jake Kasdan’s input was crucial to the feel (and philosophy) of “Freaks and Geeks,” as Hiro Murai’s was to “Atlanta” (and most recently “Widow’s Bay”). In some cases a director is a co-creator in all but title and union affiliation. A show might subsequently pass to later hands, but they’ll be honoring its established look and feel.

But Burrows was more than a little well known. If you sat through the opening credits of “Taxi,” whose pilot he directed along with 74 other episodes — and why wouldn’t you, with its pleasing Bob James theme and Checker Cab crossing the Queensboro Bridge — you would have seen his name for weeks on end. You might have noticed it on “Cheers,” which he co-created and for which he directed 236 episodes, or on “Will & Grace” (246 episodes), or “Frasier,” “The Big Bang Theory,” “3rd Rock From the Sun,” “Caroline in the City,” “Two and a Half Men,” “2 Broke Girls,” “The Neighborhood” or, just last year, “Mid-Century Modern” — all series whose pilots he directed. You might have caught it on episodes of “The Mary Tyler Moore Show,” “Phyllis,” “Rhoda” or “Laverne & Shirley,” until you began to think that maybe there was nobody else directing network multi-camera situation comedies, the most human of television formats and a specialty from which he rarely strayed.

And you might have seen him as himself this year in the third season of Lisa Kudrow’s “The Comeback,” as the man she enlists to save a television pilot from hacky AI jokes. “Surprising only comes from a group of writers huddled in a corner, beating themselves up to beat out a better joke,” he says.

“As director, I am there to help create the ensemble, to do everything I can to foster a community among the company, and to train a new set of actors to behave as a group and respect one another,” he wrote in his 2022 memoir, “Directed by James Burrows.” He famously took the cast of “Friends” to Las Vegas before the show premiered in order to foster bonds in a soon-to-be-impossible state of anonymity. “I guess I have a gift for creating families,” he told the New York Times in 2023.

But if “Friends” refers to the characters and the people who play them, it includes the audience too. Burrows’ talent was to midwife a real relationship between the viewer and the viewed, “You want to go where everybody knows your name,” runs the “Cheers” theme, and where you know everyone’s name. The families he excelled at creating were yours as well, and one watched knowing that these things happened in real time in real space, and that you could be in the room, if you made the effort. Tickets were available.

The son of Abe Burrows, who wrote or co-wrote the books for “Guys and Dolls,” “Can-Can” and “How to Succeed in Business Without Really Trying,” and co-created the radio comedy “Duffy’s Tavern” — set, like “Cheers,” in a bar, though the younger Burrows denied any influence — he’d been directing dinner theater when he had the idea to write to Mary Tyler Moore, whom he’d met on the set of a never-opened “Breakfast at Tiffany’s” musical. His stage experience (and his Yale School of Drama degree, presumably) proved eminently transferable to the proscenium reality of multi-camera situation comedy.

What Burrows shows share — the ones we remember, at least, out of many we don’t — is that they’re fundamentally joyful. They lack cynicism. They’re expressive of their times without being showily edgy. They walk a line between freshness and familiarity, which makes one want to return week after week. They may push an envelope — “Friends” was something new, after all — but subtly. We can assume, given his reputation and the fact that he could have retired on “Cheers” alone, that he liked what he did and did what he liked, and regard his choice of projects as a form of personal expression in itself, the basis of a body of work that has and will live on.

June 12 (Asia Today) — South Korea’s Trade Ministry is accelerating a project to convert master workers’ tacit manufacturing knowledge into artificial intelligence data as the country seeks to preserve industrial skills threatened by aging and labor shortages.

Tacit knowledge refers to experience and know-how that skilled workers often use without writing it down. In manufacturing, it can include judgment used in process optimization, quality control, welding, equipment checks and other work that depends on years of experience.

The Ministry of Trade, Industry and Energy held the fourth M.AX conference Friday at the Korea Chamber of Commerce and Industry in central Seoul. The conference focused on development and cooperation strategies for using master workers’ tacit knowledge in manufacturing AI transformation.

Officials and experts discussed how to build AI systems that can capture knowledge from industrial sites and how labor and management can cooperate in the process.

The ministry said skilled manufacturing experience is becoming a core asset in the AI era. Officials warned that if the know-how of retiring workers is lost, companies could face weaker process control, lower quality management and reduced manufacturing competitiveness.

The government is using 48 billion won, or about $31.2 million, from this year’s supplementary budget to support pilot projects for 30 manufacturing processes. The projects will build tacit knowledge datasets and develop AI models.

The ministry plans to prioritize processes with high safety risks or severe labor shortages. AI models developed through the project are also expected to be used to train new workers.

The conference included examples of AI already being applied in manufacturing. Sungwon, a stainless steel pipe maker, said it is using AI in welding work where skilled workers previously relied on visual judgment to support operators’ decision-making.

Participants said the project’s success will require data standardization, verification systems, proper compensation for workers who share their knowledge and sufficient communication with employees before implementation.

Some participants also proposed creating an advisory group of national quality masters so the project can better reflect expertise from actual manufacturing sites.

Kim Sung-yeol, head of the ministry’s industrial growth office, said the project is designed to protect South Korea’s manufacturing base.

“This project is about protecting manufacturing and manufacturing sites, which are among our core assets,” Kim said. “Because it is a project to preserve and transfer the tacit knowledge of master workers, we will do our best to help solve difficulties at manufacturing sites.”

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260612010004392

With the Wayans brothers firmly back in the driver’s seat, horror parody “Scary Movie” muscled its way past He-Man for the top spot at the box office this weekend.

The reboot of the 2000s-era franchise — or “rebootiquel,” as the movie calls itself — brought in $55 million in the U.S. and Canada for a worldwide total of $105.5 million, according to studio estimates. The movie, which had a production budget of $30 million, beat studio expectations and marks the return of the Wayans brothers to “Scary Movie.”

The franchise was developed by Marlon Wayans, Shawn Wayans and Keenen Ivory Wayans. But after 2001’s “Scary Movie 2,” the Wayans got in a pay dispute with former Miramax executives Bob and Harvey Weinstein. The Wayans have said the Weinsteins did not tell them that 2003’s “Scary Movie 3” would be made without them. The franchise then continued with fourth and fifth installments.

After former MGM film executive Jonathan Glickman was named chief executive of Miramax in 2024, he reached out to Marlon Wayans to see if he’d be interested in reviving “Scary Movie.”

“Always dreamt of having this moment again,” Wayans said, while thanking Glickman and executive producer Marc Weinstock during a short speech at the movie’s premiere. “I thank you guys for having the vision to go, there’s only one way to do the next ‘Scary Movie,’ and that’s to bring the Wayans family back.”

Miramax led the production and financing of the film, while Paramount Pictures was the distributor.

Amazon MGM Studios’ “Masters of the Universe” came in second at the domestic box office with $29.3 million, in Mattel Studios’ first film in theaters since the 2023 smash hit “Barbie.” Globally, the movie made $54 million.

The action adventure movie had a production budget of about $170 million and aimed to reintroduce the ‘80s-era action hero “He-Man” to a new audience, while also driving the nostalgia of adults who played with the franchise toys or watched the original film and series. The movie is part of Mattel Inc.’s strategy to continue extending its toy brands into the entertainment arena.

Mattel Chief Executive Ynon Kreiz said last week that “Masters of the Universe” didn’t need to match the success of “Barbie” “to have a meaningful economic impact on the company.”

A24’s runaway hit “Backrooms” came in third at the box office this weekend, continuing its strong performance with a haul of $25.9 million. Focus Features’ “Obsession” ($25.6 million) and another YouTube-native property, “The Amazing Digital Circus: The Last Act,” ($12.7 million) rounded out the top five at the box office, according to Comscore data.

This story includes spoilers for “Masters of the Universe.”

He-Man has made his way back to the big screen thanks to the power of Grayskull — and Hollywood’s love of nostalgia.

Now in theaters, “Masters of the Universe” stars Nicholas Galitzine as Eternia’s long-lost Prince Adam. Working a menial HR job after getting stranded on Earth as a child, Adam “(he/him)” dreams of reuniting with his Sword of Power in order to make his way back home.

Spoiler: He does (with a little help from his friends).

Helmed by “Bumblebee” and “Kubo and the Two Strings” director Travis Knight, the movie is “a dopey, friendly comedy about modern masculinity in crisis with a He-Man who openly wonders what kind of a man to be,” according to a review by Times film critic Amy Nicholson.

Much like the first live-action film around the popular 1980s toyline, the new “Masters of the Universe” features a couple of post-credits scenes that tease what could come in the franchise’s future. But for now, fans will have to wait to learn whether a sequel is forthcoming.

Yes, Orko is in the He-Man movie

Fans of the He-Man franchise can rejoice because everyone’s favorite floating wizard (and court jester) does make an appearance after the main “Masters of the Universe” story ends. In a nod to the animated Filmation series in which the character originated, Orko appears in a brief stinger after the conclusion of the film in order to share what lessons audiences could learn from the story they just watched.

Has He-Man seen the last of Skeletor (Jared Leto)?

(Amazon MGM Studios / Prime)

The mid-credits scene introduces a familiar hero

The most significant of the bonus scenes comes in the middle of the credits. The scene opens with Prince Adam’s mother, Queen Marlena (Charlotte Riley), sharing a moment with Duncan (Idris Elba).

After the queen mentions she had given up hope for reuniting with “both of them,” Man-At-Arms replies “perhaps one day she’ll come back to us too.”

The scene then cuts to the “she” in question, wearing a red cape and holding a familiar sword.

“Force Captain… Adora?” calls out a voice.

“No, not anymore,” she replies.

Those familiar with the lore of the “Masters of the Universe” franchise will recognize that the mysterious woman is Adam’s long-lost twin sister, Adora. The most common backstory is that Adora was kidnapped by Hordak as an infant and raised on the planet Etheria as a member of his Evil Horde. She eventually learns the truth about her heritage and defects to fight for good.

The Sword of Protection gives her the power to transform into the hero She-Ra.

Is that the last post-credits scene?

Nope. The final stinger shown after the credits are done rolling involves Evil-Lyn (Alison Brie) and Skeletor (Jared Leto). It appears He-Man has not seen the last of his nemesis — as long as a sequel is greenlit.

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.”