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.

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)

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“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.”

Let’s just say that the wedding band has never occupied the most exalted rung of the ladder in music.

Playing “September” and “Celebration” is often what’s most required. As one member of the Bride and the Groove, the band at the center of John Carney’s new film, puts it: They’re not rock stars. They’re human jukeboxes.

But in “Power Ballad,” a wedding band singer and pop star cross paths. For one night, all of the stratification of the music world falls away. “Power Ballad” starts like a fairy tale.

Since 2007’s “Once,” the Irish writer-director has focused his films on the redemptive capacity of music. Carney, who was once a bassist for the Frames, knows from experience. From “Sing Street” to “Flora and Son,” he has made unabashedly earnest tales where a song, or just picking up an instrument, changes lives.

This can, undoubtedly, lead Carney into sentimental territory. Lucky for him, his chosen subject — music — is more worthy of sentiment than almost anything else. Yet the song doesn’t quite remain the same in “Power Ballad,” a movie that begins with the gentle sweetness Carney is known for, but detours into something more discordant.

Rick (Paul Rudd) is an American musician who gave up on his once-promising rock band’s future to instead live with his wife (Marcella Plunkett) and teenage daughter (a spunky, underused Beth Fallon) in Dublin. His former group was called Octagon, a perfect former band name if there ever were one.

But for years, Rick has fronted the Bride and the Groove. It’s an unromantic day job (or rather a night one) that hasn’t entirely sapped his belief in his own songwriting. During an encore at one wedding, he plays an original tune and is mentally transported to an arena full of swaying fans. When he snaps out of it, he’s staring at an empty dance floor and faces that say: That wasn’t Kool & the Gang.

At another wedding at at a castle, the band is asked to let a friend of the newlyweds sit in. They reluctantly agree, and are surprised to see the very popular boy band veteran, Danny (Nick Jonas), step on stage. He sings Stevie Wonder’s “I Wish,” and it’s great. Though Rick had just dismissed Danny’s music as “manufactured content for young, excitable teens,” he discovers Danny is a genuine musician.

But, later that night, something even more remarkable transpires. Rick bumps into Danny, and the two quickly hit it off. They begin jamming together and sharing songs that need work. They are both so jazzed by their unlikely collaboration that they play into the next morning.

The actual moment of artistic creation, and the craft it requires, is something the movies almost always skip over. But capturing collaborative juices flowing is exactly what Carney excels at. You can feel his joy in it. So it’s fitting that one of the unfinished songs Rick plays for Danny, “How to Write a Song (Without You),” is about creative invention.

It’s here when you wonder where “Power Ballad” is headed. Is this, for Rick, the beginning of a beautiful friendship? Will they turn into the next great songwriting duo, lifting Rick out of weddings and proving to the world that Danny is more than a boy-band pretty face?

That is very possibly the movie Carney might have made a decade ago. But “Power Ballad,” which he co-wrote with Peter McDonald (who also co-stars as a band member), shifts six months ahead in time. Rick is standing in a shopping mall when the familiar lyrics of “How to Write a Song” softly float through the stores. He stands dumbfounded in the gleaming halls of commerce, a befuddlement that slowly turns into outrage the bigger and bigger Danny’s smash hit grows.

“Power Ballad” loses some of its steam in its second half, which follows Rick’s struggle for justice. Making things considerably harder is that he can find no recorded demo of the song. His family and his band don’t even really believe him.

But even as the movie struggles to sustain its opening refrain, Carney’s film is always riffing on ideas of authenticity and aspiration in music. That Jonas is, himself, a former boy band star who has at times gone it alone, lends the movie a direct connection to contemporary music, where tussles over authorship are increasingly common.

Jonas has been good in other films (notably the “Jumanji” movies), but this is his most ambitious and convincing performance to date. It’s a testament to the movie that Danny’s theft isn’t a purely villainous act. He gives the song a bridge and the vocal power to take it to another level. He’s under mounting pressure from his label to deliver a hit. An executive (Jack Reynor) wants “Danny 2.0” but has little faith he can supply it.

But it’s an even more well-tailored role for Rudd. He memorably and very goofily played a bassist in the 2009 comedy “I Love You, Man.” But while he sings well, it’s not his musical chops that lift the performance. It’s more that Rick, a contented family man with unrealized rock-star dreams, gives the exceptionally genial Rudd more notes to play as an actor. Rudd makes for a very likeable everyman out to convince the world he is capable of a beautiful song.

And that’s the abiding belief of Carney’s. No matter all the struggles, the artistic injustices, the corporate hegemony, he still believes that if you make something truly soulful, it will break through. It will claw its way to the surface, and move people. It’s undoubtedly gotten harder since “Once,” this movie seems to admit. The world is against you. But what one person can offer, a ballad or otherwise, still has power. Fairy tale or not, that’s worth believing in.

“Power Ballad,” a Lionsgate release in theaters Friday, is rated R by the Motion Picture Association for “language throughout and some drug use.” Running time: 108 minutes. Three stars out of four.

What will today’s kids think of He-Man, the muscle-bound ’80s relic with the most iconic bob after Anna Wintour? Launched in an era where machismo meant a goofy wrestler or metal singer with an eight-octave falsetto, the steroidal beskirted barbarian has always been a bit ridiculous. C’mon, his name is He-Man. What in the testosterone is that?

And so, director Travis Knight (“Bumblebee”) has made his reboot of “Masters of the Universe” a dopey, friendly comedy about modern masculinity in crisis with a He-Man who openly wonders what kind of a man to be. Hurtled out of the kingdom of Eternia as a boy, this Prince Adam (a terrifically game Nicholas Galitzine) came of age in Oklahoma City as a sweet guy who happens to be obsessed with swords. Instead of transforming into the strongest man in the galaxy to protect his throne from the evil duo of Skeletor (voiced by Jared Leto) and Evil-Lyn (Alison Brie), earthbound Adam parries HR complaints while sitting behind a desk plate that labels his gender identity not as He-Man but He/Him.

Times have changed. Even He-Man’s talking pet tiger (Tom Wilton) asks for consent before giving him a lick.

Galitzine’s He-Man is more Clark Kent than Superman, a gentle, funny, under-estimated dweeb. On a blind date, his descriptions of magical griffins and burning deserts sound humiliatingly immature. Dumped before dessert, he sulks home where his bro-y roommate (Christian Vunipola) secretly watches the weepie “The Notebook” when no one is looking as the soundtrack spins an acoustic cover of the Cure’s “Boys Don’t Cry.” Every man in this movie has a public persona and a private one. Even Adam’s irritable female boss, Suzie (Sasheer Zamata), hides under a people-pleasing mask. “This is my mega-serious face,” she says with an unnerving grin.

The performances are good; the plot, postcard-sized: Adam returns to Eternia, unleashes his alter-identity He-Man and wrestles with the pressure to live up to his new biceps. Although Adam must rescue his royal parents (James Purefoy and Charlotte Riley) from Skeletor, he reaches for empathy before a blade. Could Skeletor really be that bad, he asks his childhood friend Teela (Camila Mendes). “He has a skull for a face,” Teela insists. In this world, everyone’s measured against their looks.

Here’s another question: Could Skeletor really be Jared Leto? Physically, of course not. Skeletor is all pixels with a clattering jaw perfect for chewing the scenery. (The bully is especially hilarious when the story transplants him to an ordinary weight-lifting gym — call him Skele-Chad.) Leto’s grumbling Brit-inflected baritone is an unrecognizable concoction of trilled r’s and plummy vowels — and the best performance he’s done in years. With apologies to Bette Midler, you should hear the gravitas Leto brings to calling his minions “the buttworms beneath my feet.”

Yes, that’s the humor level of the dialogue. Chris Butler, Aaron Nee, Adam Nee and Dave Callaham have written a heavy-handed script in which, when Castle Grayskull comes under attack, Idris Elba’s soldier is forced to yell, “We’re under attack!” You know, in case the exploding laser beams weren’t obvious.

Obviousness is this film’s handicap — and the main joke. In this movie’s lore, juvenile Adam, played by an adorable Artie Wilkinson-Hunt, is the guilty child who invented his meathead He-Man moniker, as well the nicknames of his allies Ram-Man, Mekaneck and Fisto, who all look exactly as they sound to their chagrin. “I don’t fist anyone,” Fisto (Jóhannes Haukur Jóhannesson) protests. The grown-ups in the audience snicker.

Knight was a kid himself when the cartoon version of “He-Man and the Masters of the Universe” debuted on television. As with his “Transformers” spin-off “Bumblebee,” he makes movies like a child who loves taking his action figures out of the box and giving them a silly soul.

He’s no hack: Knight’s debut film, “Kubo and the Two Strings,” was nominated for an Academy Award for animation. Raised with an affection for brands (his father, Phil Knight, is the co-founder of Nike), he also feels obliged to include so much fan service for his generation that kids will have to swashbuckle through confusing callbacks to discover He-Man for themselves. One battle scene is scored to 4 Non Blondes’ “What’s Up?” simply as a nod to a He-Man mash-up video that went viral back in 2005, a clash as wonky as it sounds. Yet Daniel Pemberton’s opening theme music is a rousing crescendo of stadium rock synthesizers. You can hear Queen guitarist Brian May in the score — not merely as an influence. It’s actually him.

Culturally, hyper-machismo has oscillated from cool to lame to ironically cool and back again for decades. Even Queen itself was deemed lame until “Wayne’s World” resurrected “Bohemian Rhapsody” as headbanging slapstick. If you spot a guy swaggering like a brute from Eternia on the sidewalk, masked or not, he probably thinks he’s more awesome than everyone else does. Likewise, when He-Man smashes skulls to a wailing metal soundtrack, I no longer know if I’m meant to be snickering with the electric guitars or at them. Neither does the movie, which seems to decide each scene’s individual tone on a coin flip.

Frankly, the dorky version of Adam is more fun than the heroic He-Man, even with Knight hammering us every minute to laugh that he’s a total weakling. Galitzine embraces the indignity. Zooming through the air in a flying Sky-Sled, he wedges his face into a triple chin. Dazed and enthusiastic, Galitzine’s human charm counterbalances Eternia’s synthetic feel, a blandscape of bright forests and cliffside dungeons that looks dated — not to 1983 but to last decade’s greenscreen-heavy would-be fantasy franchises like “Clash of the Titans” and “John Carter.”

Please don’t make Galitzine do five of these movies, even though he’s very good. An unusually pretty leading man who is quirkier and funnier than he looks, Galitzine is the kind of rising talent Hollywood rarely knows how to handle. In his previous roles, he gave off the impression of being flummoxed by his own attractiveness, whether as a queer prince (“Red, White & Royal Blue”), a Harry Styles-esque pop star (“The Idea of You”) or a popular football jock whose high school classmates are oblivious that he has the IQ of a second-grader (“Bottoms”). Here, Galitzine multiplies that self-conscious gag times a thousand, visibly dazzled by his own six-pack when he transforms from himbo to gym-bro. Even Skeletor is agog over the “big long sword dangling between his thighs.”

Smartly cast, Galitzine could prove to have the potential of Brad Pitt, another blond hunk who longed to get weird, chafing against roles that made him take off his shirt until he hit 55 and realized it was a flex. But shouldering a wobbly, expensive summer tentpole is a risk — just ask Sam Worthington or Taylor Kitsch. If “Masters of the Universe” tanks, here’s hoping Galitzine summons the strength to dig himself out of the rubble.