Mattel Inc. won the rights to produce dolls inspired by Disney royalty such as Elsa and Jasmine on Wednesday, retaking a lucrative license from its arch-rival Hasbro Inc.
The takeover sent Mattel shares up 11% and is part of CEO Ynon Kreiz’s plan to change the company’s direction by getting more involved in big entertainment properties.
Mattel did not disclose the financial terms of the deal, which came seven years after it lost the rights and which will also allow the company to make dolls from the “Frozen” movie franchise.
“This is a defining moment in our transformation,” Kriez said in an interview. “This is a key priority as part of a turnaround and we’ve worked really hard to earn it… as we see it, Disney and Frozen princesses are back home where they belong.”
The toy maker has in recent years seen a resurgence in sales of Barbie dolls, which were traditionally blonde, and now have new models with different skin tones and outfits, which have been successful with a much more diverse customer base.
Hasbro declined to comment, but said it had renewed its license agreement with Lucasfilm, a company that is also owned by the Disney group, and that it will resume production of toys in the “Indiana Jones” franchise.
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