Mattel Films and MGM Pictures have announced a new partnership to bring a feature film based on the toy company's View-Master to the big screen.

The project comes after Mattel formed its own film division to develop its properties for theatrical release late last year. It is the second attempt to create a film based on the toy after a project was optioned by DreamWorks in 2009 with Alex Kurtzman and Bob Orci attached to write the screenplay before the project was dropped. No writer or director for the current incarnation of the project have been announced at this time.

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"Since the 1940s, View-Master has inspired wonder and joy in children of all ages, creating huge opportunities for storytelling,” declared Mattel Head of Film Robbie Brenner in a statement to The Hollywood Reporter. "MGM Pictures has tremendous expertise and a proven track record in capturing audiences’ imagination through film, and we’re proud to be partnering with them to bring another Mattel franchise to theaters. This marks another important milestone as we transform Mattel into an IP-driven, high-performing toy company.”

First unveiled at the 1939 World's Fair, the iconic, red View-Master became popular with families after the company entered a licensing deal with Disney in the 1950s providing an immersive look at their favorite Disney films. After merging with Tyco in 1997, Mattel acquired the brand and has since expanded it to smartphone applications and virtual reality.

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"View-Master was the first device that allowed families all over the world to escape their reality and take them places they never thought they could go," observed MGM Pictures President Jonathan Glickman. "We couldn’t be more excited to partner with Mattel to create a family adventure integrating the old school turn and click stereotypic device with the modern world of virtual reality.”