Goldman Sachs, an investment banking company, invited the Mattel and Hasbro CEOs to speak at its Communacopia and Technology conference. It was striking how different the talk and the walk were between the two toy industry powerhouses.
Mattel went into the conference with a big win from its Barbie movie. The film is the top-grossing film of 2023, and 2023 isn’t over yet. Therefore, it is unsurprising that much of CEO Ynon Kriez’s presentation focused on Mattel brands, television, and movies.
Hollywood Reporter writer Caitlin Huston offers a summary of some of the movies and television shows Mattel is planning.
Kreiz outlined upcoming films involving Mattel IP, including the J.J. Abrams Hot Wheels film, a Matchbox car film from Skydance, a Major Matt Mason film starring Tom Hanks, Polly Pocket, developed by Lena Dunham and starring Lily Collins, Barney, in development with Daniel Kaluuya, and a Rock ‘Em Sock ‘Em Robots movie with Vin Diesel…also a growing television slate, including Hot Wheels: Ultimate Challenge on NBC and Pictionary on Fox
Mattel Expects More Than $125M in Gross Billings From ‘Barbie’ Movie in 2023, Caitlin huston, The hollywood reporter, septembert 7, 2023
Reading that, Mattel looks like a toy company well on its way to becoming a media company.
While Mattel CEO, Ynon Kreiz, came in with a strong tail wind from Barbie, Hasbro CEO Chris Cocks, was facing a headwind from the sale of eOne, its entertainment division, which it bought in 2019 for $4 billion and sold recently for half a billion dollars.
Cocks was not apologetic, as he stated:
“ I think it’s right for Hasbro. It frees up a lot of management focus and frees up some cash for us. And I think from an investment perspective, it is much easier to understand the business.”
Hasbro Chief Calls EOne Sale A “Painful” Decision But “Absolutely The Right Thing To Do” jill goldsmith, deadline, september 6, 2023
Instead of touting its media plans, Cocks made the case for concentrating on being a toy and game company. He stated:
“I am a passionate believer in the power of games and, more generally, the power of play, to build relationships with consumers. I think that has been the secret sauce of Hasbro for the hundred year we’ve been in business…It frees up a lot of management focus and frees up some cash for us. And I think from an investment perspective, it is much easier to understand the business.”
Hasbro Chief Calls EOne Sale A “Painful” Decision But “Absolutely The Right Thing To Do” jill goldsmith, deadline, september 6, 2023
Two companies in the same industry, with similar revenue figures, are taking divergent paths. Some day, they will teach what happens in business school. Right now, we get to watch it unfold.
