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Mattel Inc. revealed this week that it was able to take back the license for making toys based on Walt Disney’s “Frozen” and Disney Princess characters. The Barbie doll and Hot Wheels toymaker was able to recoup the license after losing it to its rival, Hasbro Inc. in 2016.
Reuters reported that the new licensing deal between Mattel and Walt Disney will allow the former to produce Disney characters toys again. The two camps signed a multi-year global licensing agreement and the Mattel will start selling a new range of Disney toy collections in 2023.
Moreover, with the license, Mattel will be free to develop products for Disney consumer products, publishing, and games including small dolls and figures. Aside from “Frozen,” the other Disney characters-based dolls that Mattel can create under the new agreement are “Beauty and the Beast,” “The Princess and the Frog,” “Cinderella,” “Sleeping Beauty,” “The Little Mermaid,” “Snow White and the Seven Dwarfs,” “Aladdin,” “Brave,” “Mulan,” “Tangled,” and “Pocahontas.”
“We are incredibly proud to welcome back the Disney Princess and Frozen lines to Mattel,” Mattel president and chief operating officer, Richard Dickson, said in a press release. “As the worldwide leader in dolls, we look forward to bringing our unique Mattel Playbook approach to brand management, product and marketing expertise, and unrelenting attention to detail and quality to create innovative and inspiring lines for these iconic stories and characters.”
The new deal banks on the existing licensing alliance between Mattel and Disney for Pixar Animation Studios’ “Cars” and “Toy Story” franchises. Recently, the former was granted a license for Pixar’s “Lightyear.”
Meanwhile, the financial terms for the new licensing deal were not publicly disclosed. CNBC further noted that Mattel’s shares soared on Wednesday, Jan. 26, after it announced the good news of winning back the license for Walt Disney characters.
On the other hand, while Mattel saw an increase of around eight percent, Hasbro’s shares reportedly fell by one percent in premarket trading. As it loses its Disney license, Hasbro will now be relying more on the “Star Wars” and “Indiana Jones” franchise.
