CMCSA Comcast Corporation

By Joshua Jamerson 

Toy maker Mattel Inc. said Tuesday it won the license for toys based off the "Jurassic World" film franchise, with initial products hitting stores in time for a new film in 2018.

The move comes a day after Hasbro reported a sharp slowdown in sales for its boys toys, hurt by a drop in Jurassic World sales. Hasbro Chief Executive Brian Goldner said the company would lose the license in 2017 because it couldn't agree with its owner, Comcast Corp.'s NBCUniversal, on renewal terms. Hasbro has held the license for "Jurassic" related toys since 1992.

Mattel's license rights, which will begin next year, include products such as action figures, vehicles, games and other activity toys. The company said it would start to work with Universal to design and develop new product lines immediately.

"Jurassic World," the third follow up to the 1993 blockbuster "Jurassic Park," was released last summer and went on to gross more than $1.6 billion world-wide, according to Box Office Mojo. Universal has announced a new "Jurassic World" film will be released in 2018 with executive producer Steven Spielberg, who directed the original film. "Jurassic World" stars Chris Pratt and Bryce Dallas Howard will return for the sequel.

Mattel is set to report results Wednesday for its latest quarter. The company has struggled recently, though it has taken steps to bolster its operations. In April, Mattel reported its loss widened as Barbie sales fell and it was unable to make up for the loss of a key Walt Disney Co. license to Hasbro.

Hasbro's overall sales rose 10% in its latest period, led by a trio of toy brands licensed from Disney: Star Wars, Frozen and Disney princesses. But sales in its boys division rose just 4% in the period after posting a 24% gain in the first quarter.

Mattel stock fell 0.8% to $32.37 in 4 p.m. trading, while Hasbro rose 1.6% to $81.08.

Maria Armental contributed to this article.

Write to Joshua Jamerson at joshua.jamerson@wsj.com

(END) Dow Jones Newswires

July 20, 2016 02:49 ET (06:49 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.