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Mattel (NASDAQ:MAT) announced that it plans to develop a live-action feature film based with Paramount Pictures (NASDAQ:PARA) and Temple Hill Entertainment based on the toy company’s iconic American Girl doll line.
American Girl will be distributed by Paramount Pictures and produced by Mattel Films, Paramount Pictures, and Temple Hill Entertainment.
American Girl was founded in 1986 by Pleasant T. Rowland, a teacher-turned-entrepreneur who was noted to have set out to celebrate girlhood with beautiful dolls and adventurous books. The brand continues to focus on creating “authentic, culturally relevant” characters and stories that help girls grow up with courage, confidence, and strength of character while remaining a trusted partner to parents. Since debuting in 1986, more than 32M American Girl dolls have been sold.
Mattel Films is on a hot streak following the stunning success of the Barbie movie. The studio has 14 live-action films in the works, including movies based on Hot Wheels, Magic 8 Ball, Polly Pocket, Rock ‘Em Sock ’Em Robots, and UNO.
Shares of Mattel (MAT) closed with a 2.21% gain on Wednesday, while Paramount Global (PARA) gained 3.01%.