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Mattel Surges on Wresting Disney’s Cinderella, Elsa from Hasbro -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com — Mattel stock (NASDAQ:) soared 8.5% in Wednesday’s premarket after regaining the license to produce Cinderella, ‘Frozen dolls’ including Elsa and Anna and other toys based on Disney’s princess lineup, according to a report in The Wall Street Journal.

In 2016, Mattel lost its license to Hasbro (NASDAQ:). Hasbro’s stock fell 2.7% while Disney (NYSE:) was up 1.4%.

The loss of the business had left a hole of $440 million in Mattel’s accounts resulted in a big underperformance in the stock that’s down nearly 29% in the last five years.

Mattel will sell new models Disney toys in 2023, and the business will be managed by the same group that has overseen Barbie’s comeback, the WSJ said.

“It was an important priority, and it’s something we worked hard to win,” WSJ quoted Mattel CEO Ynon Kreiz as saying. Mattel showed it could manage evergreen brands that aren’t dependent on big movies, he told the paper.

The report states that Hasbro will still make Indiana Jones and Star Wars toys. These properties are owned by Disney’s Lucasfilm.    

 

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