master

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.”

More than 20 years after Jam Master Jay of Run-DMC was shot to death in a New York recording studio, a man admitted to his role in the killing.

Jay Bryant, 52, pleaded guilty to a federal murder charge, telling U.S. Magistrate Judge Peggy Cross-Goldenberg that he helped others gain access to the building where the hip-hop icon, born Jason Mizell, was shot in 2002.

“I knew a gun was going to be used to shoot Jason Mizell,” Bryant told the judge, per the Associated Press. “I knew that what I was doing was wrong and a crime.”

Bryant didn’t name the people he helped, but in 2024, Karl Jordan Jr. and Ronald Washington were convicted of Mizell’s murder in a case that prosecutors had been working for decades.

“Y’all just killed two innocent people,” Washington yelled at the jury at the time of the verdict.

Jordan Jr., Mizell’s godson, won an appeal last year to overturn his conviction, with a judge finding that the prosecutors’ case against him didn’t add up. The judge said the evidence didn’t support the contention that he was motivated by anger after he was cut out of a $200,000 drug deal. Earlier this month, U.S. District Judge LaShann DeArcy approved Jordan Jr.’s $1-million bond package.

Washington has challenged his conviction as well.

According to Courthouse News, prosecutors claimed that Washington and Jordan both confessed to the murder, based on witness testimony that both men discussed being involved in Mizell’s shooting while they were in prison.

As for Bryant’s role in the murder, his uncle Raymond Bryant testified in 2024 that his nephew confessed to killing Mizell, saying he “did it.”

Additionally, a hat with Bryant’s DNA that law enforcement officers found in the recording studio placed Bryant at the scene of the crime.

Bryant told the court Monday that he was in cahoots with people who were wrapped up in a drug deal with the DJ and that he played a part in the killing by helping them gain entry to the recording studio. According to the Associated Press, Bryant flashed a thumbs up to a person in the courtroom before leaving.

Bryant faces 15 to 20 years in prison for his role in the murder, as well as separate narcotics trafficking and firearms charges to which he already pleaded guilty.

“More than two decades after the cold-blooded, execution-style killing of Mr. Mizell, an exhaustive investigation revealed Bryant’s role and today he finally admitted his guilt,” stated U.S. Atty. Joseph Nocella in a news release.

“Justice in the murder of Jam Master Jay has been pursued with determination and resolve for more than two decades. The defendant’s role in facilitating access for the killers was integral to this crime,” added Bryan DiGirolamo, special agent in charge for ATF New York field division.

Although Mizell’s public persona as the “master of the disco scratch” promoted the wholesome side of hip-hop and encouraged a drug-free lifestyle, officials said he turned to dealing after the group’s heyday had come and gone. According to prosecutors, Mizell became involved in arranging the sale of kilogram-size quantities of cocaine.

In August 2002, Mizell was fronted 10 kilos of cocaine from a supplier. Prosecutors alleged that Jordan Jr. and Washington planned to deal the drugs in Maryland, but a dispute led to the men being cut out of the $200,000 deal.

On Oct. 30, 2002, Mizell was playing video games with a friend inside his Queens, N.Y., recording studio, 24/7. According to prosecutors, around 7:30 p.m., Bryant entered the building containing the recording studio and opened a locked fire escape exit door to allow others to slip in without being seen by Mizell.

Two shots were fired and Mizell was hit once in the head, killing him. The second shot struck another individual in the leg.