By Colin Kellaher

 

Shares of Mattel Inc. rallied in premarket trading Wednesday after The Wall Street Journal reported that the toy maker has won the license to produce toys based on Walt Disney Co.'s princess lineup and the "Frozen" franchise, snagging the properties back from rival Hasbro Inc.

Hasbro shares edged lower.

Mattel had lost the Disney license to Hasbro in 2016, a setback that precipitated a raft of chief executive changes and created a $440 million hole from the lost business, the Journal reported, adding that Mattel would start selling new Disney toys next year.

Mattel shares, which closed Tuesday at $19.61, were recently up 7%, to $20.99, in premarket trading, while Hasbro shares slipped 1.8%, to $93.85.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

January 26, 2022 08:03 ET (13:03 GMT)

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