Mattel Starting Hasbro Inspired Movie Division

It appears Mattel is adapting competitor Hasbro's strategy to bring it into a new era, as the company is starting a new film division.

Mattel, who owns huge brands like Barbie, Monster High, Polly Pocket, and Hot Wheels, announced today that they are creating a new film division that will bring their biggest brands to the big screen. The newly created Mattel Films will be run by Robbie Breenner, an Academy Award nominee who has worked on projects that include Dallas Buyers Club and Mirror Mirror (via CNBC).

"Generations of children around the world have grown up with deep emotional connections to Mattel's brands and characters," Brenner said in a statement. "There are so many stories to be told and so many imaginations to be captured by these iconic brands."

Breenner will be working under Mattel CEO Ynon Kreiz, who is excited to utilize their worldwide brands more efficiently.

"Mattel is home to one of the world's greatest portfolios of beloved franchises, and the creation of Mattel Films will allow us to unlock significant value across our IP," Kreiz said in a statement.

Mattel is hoping this move does for them what the movie business has done for Hasbro. Hasbro has been much more successful at diversifying their portfolio and utilizing their IP. Franchises like Transformers, My Little Pony, and G.I. Joe have all delivered either movies, television shows, animated series, or all of the above.

Mattel has done well with Monster High, delivering several direct to DVD releases, but the franchise has yet to hit the big screen. The same goes for Barbie, which despite the name recognition has been in development limbo when it comes to a movie for years.

Hopefully, the new effort can help Mattel focus on taking advantage of its brands in new ways, and it could sorely use the extra cash flow as well. While the entire toy industry has been affected by the bankruptcy of Toys 'R' Us, Mattel has been quite hard, as it didn't have the other divisions to rely on when Toys 'R' Us took so many outlets out of the mix.

The company recently announced that it would be cutting 2,200 jobs as part of a cost savings plan, which followed the closure of its New York office. If the new film division pays off, it could be a way for Mattel to gain a bigger foothold in the market once more.