Company also planning remake of 'Angelina Ballerina.'

Mattel and its preschool entertainment arm HIT Entertainment have teamed with 9 Story Media Group to reboot the iconic preschool brands "Barney & Friends" and "Angelina Ballerina."

Development of the IP will begin immediately, with a 2017 target launch date for a new 52x11 series for each property.

“We are delighted to announce this new brand building partnership with 9 Story in a deal which sees two of the world’s finest producers of preschool entertainment joining forces to bring an exciting lineup of new programming to a global audience across multiple platforms," says Kate Schlomann, vice president, global brand marketing, HIT Entertainment. “The refresh and re-launch of 'Barney' and 'Angelina Ballerina' represents an exciting start to our partnership with 9 Story. Both brands continue to enjoy large fan bases around the world among both preschoolers and their parents, who often grew up with the characters themselves.”

"Barney" originally aired from 1992-2009, with 248 episodes created to-date, plus 25 hours of specials. At the time, Barney was one of just a few live-action properties targeting preschoolers in the market, with content aimed at an equal split of boys and girls ages 18 months to 3 years.

"Angelina Ballerina" originally aired from 2001-2006 and ran for two seasons and produced 39 episodes and three specials. The episodes were based on a series of children’s books created by author Katharine Holabird and illustrator Helen Craig, the first of which was published in 1983.

“We are thrilled to enter into a partnership with Mattel to re-launch these iconic children’s shows," says Vince Commisso, president and chief executive officer, 9 Story. "'Barney' and 'Angelina Ballerina' are two of the biggest preschool characters in history, and content is what made them so enduring. The whole generation of parents who grew up loving 'Barney' and 'Angelina' will be our partners in sharing them with their children. We know it is a rare opportunity that brings with it great responsibility, but we’re excited about the advances in technology that will help us bring these characters forward.”