TLDR
- Mattel stock closed up 19% Thursday at $15.04, its highest close since March.
- The Wall Street Journal reported Authentic Brands Group approached Mattel about a possible deal.
- An offer could value Mattel above $20 per share, or roughly $6 billion.
- A source told CNBC the talks are only in early stages.
- The news comes a day after Mattel named Roger Lynch, Condé Nast’s CEO, as its next chief executive.
Mattel’s stock price surged 19% on Thursday, closing at $15.04 after a report surfaced that Authentic Brands Group wants to buy the toy maker. It was Mattel’s highest close since March 13.
The stock briefly touched $17.23 during the day. That was its best intraday level since late February.
The Wall Street Journal broke the news, citing people familiar with the matter. It said Authentic Brands had privately discussed an offer that could value Mattel above $20 a share.
That price tag works out to roughly $6 billion for the Barbie and Hot Wheels maker.
Authentic Brands is a licensing and entertainment company. It owns a wide mix of fashion, celebrity, and media brands.
What CNBC’s Source Said
A person familiar with the discussions confirmed to CNBC that talks are happening. They stressed the conversations are still very early.
The source asked not to be named since the matter is private. They said Authentic’s interest makes sense given its appetite for entertainment properties aimed at kids.
Mattel didn’t confirm or deny the report directly. A company spokesperson said Mattel doesn’t comment on market rumors or speculation.
Authentic Brands declined to comment when reached.
A Leadership Change Too
This takeover buzz lands just one day after Mattel announced a new boss. Condé Nast CEO Roger Lynch is set to take the reins.
Lynch has sat on Mattel’s board since 2018, so this isn’t a total outsider move. He becomes chairman on October 2 and CEO by November 2.
He replaces Ynon Kreiz, who is stepping away to become co-CEO at both Paramount and Warner Bros. Discovery. That’s a busy next chapter for Kreiz.
Interestingly, Mattel’s stock didn’t react well to the CEO news itself. It actually fell 4% on Wednesday before Thursday’s takeover report flipped the mood entirely.
Mattel has had a rough stretch overall. The stock had been sliding for most of the past year before this week’s rally.
Thursday’s jump pushed the price back toward levels not seen since the start of spring. Premarket trading on Friday showed a slight additional gain.
For now, the deal talk remains speculation rather than a signed agreement. Nothing has been made official by either company.
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