A large investor in Mattel is asking the toy maker to sell itself to a big investor and take its shares off the stock market.

Southeastern Asset Management, which oversees 4% of Mattel’s stock, said in a letter released Thursday that the company would be better off if owned by a private equity firm, a toy competitor or a media company.

Mattel stock price was $15.41 as of Friday morning, up 2% from closing on Thursday. Its shares have fallen more than 20% this year.

Southeastern said Mattel’s current strategy would make shareholders wait too long for the company’s stock price to reach $30.

“We do not want to wait longer for that to be realized,” Southeastern said in the letter, addressed to Mattel Chief Executive Ynon Kreiz. “We would prefer you lead the effort to explore strategic alternatives given your industry knowledge and relationships.”

Mattel said in a release Thursday that it appreciates and will consider the perspectives shared by Southeastern and other shareholders. The company said it will maintain its focus on squeezing more profit from the many famous toys and other intellectual properties it controls.

“Our Board of Directors and management team are committed to acting in the best interests of all Mattel shareholders,” the company said in the release.

Southeastern sent the open letter to Mattel’s board and other shareholders on Thursday. It was originally sent to Kreiz in mid-March, shortly before the company announced it was laying off 65 employees.

Mattel has laid off hundreds of employees in the past year and a half.

The company’s shares and profit took a dip after it announced weak holiday sales in 2025, in part due to disappointing Barbie sales.

Last year, its net sales were about $5.3 billion, down 1% from the year before.

Southeastern suggested three potential buyers.

Private equity firms, which have expressed interest in Mattel for years, could help provide financial stability, the shareholder said. If the company delisted, it wouldn’t have to worry about quarterly reports or annual expectations, Southeastern said.

Another toy company could also be a potential buyer, the shareholder said, noting that Mattel and Hasbro have been in talks for years.

“We believe synergies between the two companies would be material, creating a stronger player in a global industry,” Southeastern said.

Mattel also has valuable intellectual property that could interest large media companies, Southeastern said.

The three buyer options aren’t mutually exclusive and could be combined, the shareholder said.

“We are grateful for your leadership that stabilized the business during a difficult period,” Southeastern said in the letter. “We believe that now is the time for the company to explore strategic alternatives.”

Walt Disney Co.’s ABC is forcefully resisting Federal Communications Commission efforts to soften the network’s programming, accusing the federal agency of an overreach that violates 1st Amendment freedoms.

Last week, the FCC took the unusual step of calling in the licenses of eight Disney-owned television stations for early review. The move — widely interpreted as an effort to chill the network’s speech — came a day after President Trump demanded that ABC fire late-night host Jimmy Kimmel over a joke about First Lady Melania Trump.

The FCC separately has taken aim at ABC’s daytime discussion show, “The View,” which delves deeply into politics.

The FCC has questioned whether the show, which prominently features Trump critics Whoopi Goldberg and Joy Behar, could continue toclaim an exemption to rules that require broadcasters to provide equal time for opponents of political candidates.

In its response this week to the FCC, Disney’s Houston television station raised the stakes in “The View” dispute, calling the commission’s actions “unprecedented” and “beyond the Commission’s authority.” The ABC station’s petition for a declaratory ruling said “The View,” has long qualified as a “bona fide” news interview program with freedom to conduct interviews of legally qualified political candidates.

“The Commission’s actions threaten to upend decades of settled law and practice and chill critical protected speech, both with respect to The View and more broadly,” the Houston station KTRK-TV said in the filing.

The network’s firm stance sets up a clash with the Trump administration, including the president’s hand-picked FCC Chairman Brendan Carr, who has made no secret of his disdain for Kimmel and other ABC programming. Earlier this year, Carr announced that decades-old exemptions from the so-called “equal time rule,” for some programs, including “The View,” were no longer valid.

In a statement, the FCC said it would “review Disney’s assertion that ‘The View’ is a ‘bona fide news program’ and thus exempt from the political equal time rules,” according to a spokesperson.

“Decades ago, Congress passed a law that generally prohibits broadcast television programs from putting a thumb on the scale in favor of one political candidate over another,” the spokesperson said. “The equal time law encourages more speech and empowers voters to decide the outcome of elections.”

ABC’s strenuous arguments mark a turning point for the Disney-owned outlet.

In December 2024, a month after Trump was elected to a second term, the network quickly settled a lawsuit over statements made by news anchor George Stephanopoulos that Trump found offensive. ABC agreed to pay Trump $15 million to end his legal fight — sparking an outcry among free speech advocates, who accused the network of caving on a case it may have won.

But, over the past year, the network has weathered several storms, including a threat by Carr in September to punish ABC if it didn’t muzzle Kimmel for comments he made in the wake of conservative activist Charlie Kirk’s death. ABC briefly benched Kimmel to allow tensions to cool but, during the week his show was off the air, protesters loudly bashed Disney, demanding the legendary company stand up for free speech.

Thousands of consumers canceled their Disney+ and Hulu subscriptions in protest.

Some conservatives, including Sen. Ted Cruz (R-Texas) and commentator Ben Shapiro also criticized Carr’s handling of 1st Amendment issues.

“The days of the FCC as a paper tiger are numbered,” the FCC’s lone Democrat, Anna M. Gomez, said Friday in a statement. “What the public will remember is who complied in advance and who fought back. I’m glad Disney is choosing courage over capitulation.”

The high-profile dispute presents an early challenge for Disney Chief Executive Josh D’Amaro, who succeeded longtime chief Bob Iger in March.

ABC has asked for the full commission — a three member panel of Carr, Gomez and Commissioner Olivia Trusty, a Republican — to rule on the equal time exemption for “The View.” ABC said that, in 2002, it received a ruling from the FCC that granted the exemption, and the show’s format has not changed. “The View” is produced by ABC News.

“Some may dislike certain — or even most — of the viewpoints expressed on The View or similar shows,” the station said in its filing. “Such dislike, however, cannot justify using regulatory processes to restrict those views.”

ABC described a logistical nightmare of providing equal time for political opponents by pointing to California’s crowded primary field of gubernatorial candidates. “Affording equal time would mean accommodating over 60 legally qualified candidates, regardless of their perceived newsworthiness,” the station wrote.

The network said it makes show bookings based on newsworthiness, not partisan politics. It also noted it has invited politicians from both sides of the aisle to appear on “The View,” but some, including Vice President J.D. Vance, Health Secretary Robert F. Kennedy, Jr., Secretary of State Marco Rubio and entrepreneur Elon Musk, have declined the invitation.

The station also noted that, while the FCC has questioned the exemption for “The View,” the agency hasn’t shown interest in regulating programs on other networks, “including the many voices — conservative and liberal — on broadcast radio.” The FCC also oversees radio station licenses.

“The danger is that the government will simply decide which perspectives to regulate and which to leave undisturbed,” ABC said.

On April 28, Carr called for a review of Disney’s broadcast licenses, including for the Houston station and KABC-TV in Los Angeles, two years before any of them were set to expire. The FCC said the review was part of the agency’s year-old inquiry into Disney’s diversity, equity and inclusion policies and whether they violated federal anti-discrimination rules.

In its Thursday petition, ABC said it had fully complied with the FCC’s request for documents related to its diversity and hiring.

The company has produced more than 11,000 pages of documents to comply with the request, Disney said.

The same week that Disney sent documents to the FCC, Kimmel made a joke on his show about Melania Trump, comparing her glow to that of “an expectant widow.” On April 25, a gunman tried to breach security at the Washington Hilton, where the first couple were on stage for the White House Correspondents’ Assn. Dinner. Shots were fired outside the ballroom.

Three days later, the FCC announced it was requiring early license renewal applications for the Disney-owned stations.