(Bloomberg) -- Mattel Inc. shares rose after the company won back the license to produce toys based on Disney Inc. princesses and the “Frozen” movies.
Mattel announced a multiyear global licensing agreement with Disney on Wednesday and said it expects the new collection to go on sale at the beginning of 2023. The news is a homecoming of sorts for Mattel, which had lost the princess and “Frozen” rights to rival Hasbro Inc. in 2016.
Mattel, the second-largest U.S. toy company, has seen sales rebound after tumbling early in the pandemic. The company, known for its Barbie and Fisher-Price brands, said in October that it expected full-year sales to increase by about 15%, up from an earlier forecast of 12% to 14%.
“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,” said Richard Dickson, Mattel’s chief operating officer, in a statement.
Shares of Mattel rose as much as 9% in premarket New York trading after the Disney news, which was first reported by the Wall Street Journal. Hasbro slumped 1.7%.
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