Barbie doll seen in a store at Rome’s Fiumicino Airport on March 28, 2024.
Jakub Porzycki | Null Photo | Getty Images
shares of mattel Shares rose nearly 20% on Thursday after the Wall Street Journal reported the toymaker was attracting acquisition interest from Authentic Brands Group.
The magazine, citing people familiar with the matter, reported that the brand licensing company is privately discussing a proposal that could value Mattel at more than $20 a share, or about $6 billion. Mattel was trading at just over $15 a share Thursday afternoon.
A person familiar with the talks confirmed to CNBC that talks are taking place, but cautioned that they are very preliminary. The person requested anonymity because the discussion is private. The person added that the preamble makes sense because Authentic is interested in entertainment venues, particularly those geared toward children.
“As a matter of company policy, we do not comment on market rumors or speculation,” a Mattel spokesperson said.
Authentic declined to comment.
News of Authentic’s acquisition interest follows Mattel’s announcement Wednesday that Condé Nast CEO Roger Lynch will become the company’s next CEO. Mattel shares closed down 4% on Wednesday.
Lynch, who has been a member of Mattel’s board of directors since 2018, will become chairman on October 2nd and CEO by November 2nd. He will succeed Inon Kreiz, who was named co-CEO of Paramount and Warner Bros. Discovery.
