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Mattel Inc. and Hasbro Inc. may be rivals, but they have recently joined forces and signed a multiple-year licensing deal. After the announcement of their partnership, their respective share price reportedly soared.
On Thursday, Mattel and Hasbro posted their quarterly results and showed that the latter's shares increased more than 13%. Its reported Q1 revenue also surpassed Wall Street's expectations. Moreover, CNBC reported that Hasbro posted a net revenue amounting to $1 billion, which beat the $878.4 million expectation based on the analysts' estimates collected by Refinitiv.
"First quarter results came in ahead of our expectations and position Hasbro to meet our full-year financial targets," Chris Cocks, Hasbro's chief executive officer, said in a press release for the 2023 Q1 financial report.
Mattel's stock price also increased on the same day, and this is an indication that its licensing agreement with Hasbro is definitely beneficial to both sides. In fact, they have also offered optimistic insights on how their intellectual property (IP) deal will help boost their businesses. The companies will amplify their focus on using the popularity of key brands to maximum advantage to expand their reach.
In any case, Mattel and Hasbro announced their partnership deal earlier this week. They signed a licensing agreement deal with the intention of launching "Monopoly: Barbie Edition," "Transformers UNO," and "Transformers Hot Wheels."
The leading toymakers also agreed to collaborate on the theatrical release of two major films this summer. Hasbro's "Transformers: Rise of the Beasts" (Paramount Pictures) and Mattel's "Barbie" (Warner Bros.) are set to arrive in cinemas on June 9 and July 21, respectively.
"We are excited to pair some of the most popular brands together for the first time," Mattel's vice president of entertainment partnerships, Nick Karamanos, said on the partnership deal. "This collaboration features world-class IP, celebrates the timeless appeal of these brands, and creates unique play opportunities for fans."
