Authentic Brands Approaches Mattel with $6 Billion Takeover Offer; MAT Shares Surge 19%

Authentic Brands Group has approached Mattel Inc. (MAT) about an acquisition valuing the toymaker at $6 billion or more, discussing an offer above $20 per share, the Wall Street Journal reported on October 2, 2026. Mattel stock closed at $15.04 on Thursday, a 19% jump — its largest single-day percentage gain in over seven years — up from $12.66 before the report surfaced. No agreement is assured. Sources cautioned that Mattel may reject the overture, no formal sale process has launched, and another buyer could emerge. The approach lands at a sensitive moment: Mattel named Roger Lynch as its next chairman and CEO earlier this week, ending Ynon Kreiz's eight-year tenure. Lynch, a board member since 2018 and former Condé Nast CEO, takes over no later than Nov. 2. Investor Southeastern Asset Management has pressed Mattel to pursue outside capital or a full sale. MAT shares have fallen more than 30% this year as the Barbie and Hot Wheels maker struggles to expand beyond toys into entertainment. Authentic Brands, led by founder Jamie Salter, has grown by acquiring brands including Reebok, Champion, and Brooks Brothers for licensing.