Peticiones de fusión, una vez más.

No es la primera vez que suena una posible adquisición o fusión entre las 2 multinacionales dominadoras del mercado de juegos y juguetes (Recordemos 2016-2018). Actualmente ambas compañías mantienen un acuerdo para publicar algunos productos con franquicias cruzadas.

Hace unas horas, la compañía Southeastern Asset Management, gestora de inversiones en Mattel con un 4% del capital, ha hecho un comunicado público instando a Mattel a que analice nuevas vías estratégicas, planteando la opción de abandonar la cotización en bolsa y la posibilidad de cerrar una operación corporativa con otra empresa del sector, como Hasbro -citando expresamente a su gran rival histórica.

El comunicado es una carta abierta dirigida a Ynon Kreiz, consejero delegado de Mattel.

May 7, 2026
Board of Directors and Shareholders of Mattel, Inc.
c/o Secretary, TWR 15-1
Mattel, Inc.
333 Continental Boulevard
El Segundo, CA 90245-5012
VIA Email, FedEx and Press Release

Open Letter to the Board and Shareholders of Mattel, Inc.
Southeastern Asset Management, Inc. manages on behalf of its clients over 4% of Mattel’s common stock. We are sharing this letter with the Board and other shareholders as a continuation of a conversation we began with CEO Ynon Kreiz in mid-March, when we sent him the following:
Ynon,
As you know, Southeastern has been a supportive Mattel investor for over eight years. We are grateful for your leadership that stabilized the business during a difficult period. We believe Mattel now has a solid balance sheet and a strong set of brands that should grow free cash flow per share in aggregate beyond 2026. However, after more thought since our last meeting, we believe that now is the time for the Company to explore strategic alternatives. We believe there are at least three groups of buyers of Mattel that would be better owners to realize long-term value:

1. 1. 1. Private equity buyers have circled Mattel in the last few years. Mattel’s business does not always lend itself well to the quarterly results stability that the public equity market prefers. We also wonder how Mattel’s controversial $150 million of investment spending in 2026 would go if the Company were private – maybe even more spending, maybe less? We believe this is a cash-generative business that can support a larger amount of leverage when it doesn’t have to worry about quarterly results and annual guidance.
      2. The most logical strategic buyer of Mattel is likely another “toy” company. We put “toy” in quotes as the industry has a broad spectrum, and Mattel itself is not and should not be focused only on selling physical items. We know that Mattel and Hasbro have engaged in on-and-off talks for decades. At the moment, a deal between the two companies is possible in our view. Hasbro has done a better job executing on digital growth than Mattel and therefore has more credibility in this important part of the business. We believe synergies between the two companies would be material, creating a stronger player in a global industry. There are also other toy companies of size around the world who would be interested in Mattel. A smaller sale of Fisher-Price only (after its years of underperformance) in order to print a better consolidated growth rate is not sufficient for Mattel to realize its potential.
      3. Now that the dust has settled from the Warner bidding war, large media companies are looking for their next moves. Mattel has valuable intellectual property that we believe would fit well with one of these entities. The public market was not willing to pay for the success of the Barbie movie and might not be willing to pay for a pipeline of other content at Mattel, but a media company would value these assets.

These three categories are not mutually exclusive: a toy company might not want to make movies or a media company might not want to make toys, all while certain private equity buyers might only want certain parts of Mattel. There are creative solutions to maximize value for shareholders if Mattel actively explores the landscape.
We worry that your current compensation package incentivizes waiting too long for a stock price over $30. We see a value per share today approaching $30, but we do not want to wait longer for that to be realized. We would prefer you lead the effort to explore strategic alternatives given your industry knowledge and relationships.
Sincerely,
Southeastern Asset Management, Inc.

Mattel ha respondido públicamente de forma inmediata:

Mattel Comments on Letter from Southeastern Asset Management
May 7, 2026
EL SEGUNDO, Calif.--(BUSINESS WIRE)-- Mattel, Inc. (NASDAQ: MAT) (“Mattel” or the “Company”) issued the following statement regarding Southeastern Asset Management, Inc.’s (“Southeastern”) letter to the Company’s Board of Directors (the “Board”).
Mattel maintains ongoing communication with its shareholders and values their perspectives. We appreciate Southeastern’s continued engagement with the Company, including our conversations this year.
Our Board of Directors and management team are committed to acting in the best interests of all Mattel shareholders. The Board regularly reviews the Company’s strategy, performance, and opportunities to enhance long-term value, and will continue to consider the views expressed in Southeastern’s letter.
Mattel is focused on executing its strategy to grow the Company’s IP-driven play and family entertainment business and create long-term shareholder value.
(...)

Mattel agradece formalmente los consejos pero afirma que su equipo directivo actúan siempre velando por los intereses de sus accionistas. Afirma estar atenta a nuevas opciones a largo plazo para engrandecer el negocio de juegos y entretenimiento familiar.

Volveremos a tener noticias de estos negocios de altos vuelos.

¡Nos jugamos!