Barbie maker Mattel has been approached by Authentic Brands Group for a takeover that could value the toy giant at around $6 billion or more, Reuters reported on October 1, 2026.

Authentic Brands is discussing an offer above $20 a share, a source familiar with the matter said. The news, first reported by the Wall Street Journal, sent Mattel shares up about 18 percent to $15.04, their best day in over seven years. There is no formal sale process underway.

The approach follows a turbulent week. Mattel said CEO Ynon Kreiz will leave to become co-CEO of Paramount Skydance. He will be succeeded by Roger Lynch, the former Condé Nast chief, on or before November 2026.

Mattel shares have dropped 33 percent this year amid tariff costs and weak spending. In May, investor Southeastern Asset Management urged the board to explore a sale. Authentic Brands, known for deals involving Reebok and Champion, sees value in Mattel’s Barbie, Hot Wheels, and Fisher-Price brands.