Mattel Inc. offices are pictured on Feb. 2, 2009, in El Segundo, California. David McNew/Getty Images

Mattel Inc. (MAT) has announced the launch of a new film division that will make movies based on brands within the toy company.

The toy manufacturer said Thursday that Mattel Films will focus on producing movies centered around the company’s iconic franchises. Academy Award-nominated producer Robbie Brenner will run the project as executive producer and report to Mattel CEO Ynon Kreiz. Brenner has been in the movie industry for two decades and has produced films including "Mirror Mirror," "The Fighter," and 2013 Best Picture nominee "Dallas Buyers Club."

"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..."

The toymaker has some production experience and has recently produced web series with brands such as Barbie, Monster High, and Polly Pocket. It hopes to increase its profits by creating motion pictures surrounding the toy company's well-known trademarks. Mattel’s popular franchises include Hot Wheels, American Girl, Fisher-Price, Thomas & Friends and MEGA.

"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.

The film company announcement comes at a time where Mattel rival Hasbro has seen success by taking its brands and translating them onto the big screen like its "Transformers" franchise, which has grossed more than $4.37 billion at box offices worldwide, according to CNBC.

A venture into film could bode well for Mattel as the company has been trying to push through a decline in sales. In July, the company announced it would be cutting over 2,000 jobs, roughly 22 percent of its global non-manufacturing workforce. That announcement was just months after Mattel said it was closing the doors to its New York office.